In a move raising serious questions about federal overreach, Special Counsel Jack Smith reportedly issued a secret subpoena to JPMorgan Chase for banking records connected to Trump Media & Technology Group (TMTG), according to Trump Media CEO Devin Nunes.
Nunes noted that TMTG did not exist at the time of the Jan. 6 events, highlighting concerns over the legality and intent of the request.
The subpoena, part of Smith’s so-called “Arctic Frost” operation, requested sensitive financial records without notifying TMTG.
Nunes called the move “secret and unprecedented,” framing it as politically motivated and a potential violation of both federal and corporate governance norms.
Following the subpoena, JPMorgan reportedly closed TMTG’s accounts during the company’s public offering in 2024, hindering its ability to raise $250 million and operate efficiently, The Gateway Pundit reports.
Critics argue the timing suggests coordination between federal authorities and the bank, raising questions about political neutrality and the safeguarding of private enterprise.
Florida Attorney General James Uthmeier has launched an investigation into JPMorgan’s actions, citing possible violations of state anti-fraud and debanking laws.
In a letter obtained by the Daily Wire, Uthmeier described the subpoena and subsequent account closures as “troubling” and emphasized that the requested records included information from before TMTG existed, per The Post Millennial.
The investigation seeks to determine whether the bank’s conduct reflected improper political influence or breaches of fiduciary duties.
Nunes emphasized in an interview with Fox News host Maria Bartiromo that the subpoena and account closure exemplify a pattern of targeting companies and individuals associated with President Donald Trump.
He criticized the subpoena and account closure, calling them unjustified, unprecedented, and politically motivated.
Smith’s team has reportedly requested sensitive information from other corporate and telecommunications providers, including Verizon and AT&T, as part of broader probes into Republican figures.
Some critics draw parallels to previous controversies involving federal overreach, arguing the Justice Department is leveraging corporate partners to gather politically charged intelligence.
JPMorgan has stated publicly that it does not terminate accounts for political reasons.
However, the sequence of events, including the timing of the subpoena and subsequent account closure, has fueled concerns that private companies may be cooperating with politically motivated investigations..
The bank has confirmed to shareholders that it is cooperating with government inquiries into its policies and services.
TMTG executives have pledged to pursue all available legal avenues to uncover the full scope of the subpoenas, identify the officials involved and challenge any coordination with financial institutions that could undermine free speech and corporate independence.
The case has sparked broader debate over the intersection of federal authority, corporate compliance and political neutrality.
Observers warn that cooperation between banks and government investigations could pose risks to private enterprises and free-market principles, particularly when subpoenas target companies with limited or delayed historical connections to alleged crimes.
As the investigation unfolds, TMTG’s experience underscores growing concerns over the balance of power between federal authorities and private sector institutions.
The unfolding legal scrutiny could set precedents for how financial institutions handle politically sensitive requests and the extent to which government agencies can compel corporate compliance.
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