Trump Media and Technology Group CEO Devin Nunes revealed that Special Counsel Jack Smith secretly subpoenaed J.P. Morgan Chase for the private banking records of Trump Media — even though the company did not exist at the time of January 6, as reported by The Gateway Pundit.
According to Nunes, the Justice Department’s actions were part of Smith’s “Arctic Frost” operation, an investigation purportedly related to events surrounding the 2021 Capitol protest.
Despite the lack of connection between Trump Media and the events of that day, Smith’s team sought financial data from J.P. Morgan without notifying the company.
In an interview with Fox News host Maria Bartiromo, Nunes stated that Trump Media was never informed about the subpoena and only recently discovered that the bank had complied with federal investigators.
The subpoena reportedly covered financial transactions and records unrelated to the scope of the special counsel’s mandate.
Nunes said the cooperation between the bank and federal investigators raised serious legal and constitutional concerns. Trump Media, headquartered in Florida, was not accused of wrongdoing, and its formation came years after the January 6 protests.
At the time the subpoena was issued, J.P. Morgan was reportedly handling accounts for Truth Social’s parent company.
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Nunes noted that in early 2024, as Trump Media was preparing to go public and raise approximately $250 million through a major stock offering, the bank suddenly closed the company’s accounts.
That move, described as “debanking,” occurred as the company was preparing its public listing and finalizing major financial transactions.
The abrupt closure hindered Trump Media’s operations and coincided with ongoing Justice Department activity involving the same accounts.
J.P. Morgan later told Fox News that it does not close accounts for political reasons, but the timing of the action has drawn scrutiny. Nunes said the bank’s decision and its willingness to comply with a secret subpoena were deeply concerning.
He also pointed out that the pattern mirrored earlier surveillance tactics used by federal agencies during investigations of Republican officials, including the acquisition of phone records from Verizon and AT&T in past probes.
Nunes said Trump Media intends to pursue all available legal remedies to determine who ordered the subpoena, who authorized it, and whether J.P. Morgan’s cooperation violated any state or federal laws.
Trump Media went public in early 2024, several years after the events of January 6. The company, which operates Truth Social, has since faced ongoing scrutiny from federal investigators.
Nunes emphasized that the company’s leadership remains committed to uncovering the full scope of federal involvement in the subpoena process and to ensuring that lawful businesses are not targeted for political reasons.
Devin Nunes @DevinNunes tells Maria Bartiromo @MariaBartiromo that JP Morgan debanked Trump Media in the summer of 2024. He adds that Jack Smith and the ARCTIC FROST probe targeted the company, despite it not existing as an entity on January 6, 2021. pic.twitter.com/RqyMMMX93K
— MAGA Kitty (@SaveUSAKitty) November 9, 2025
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