One of the world’s largest banks was notified on Monday morning that its cooperation with the Biden administration’s partisan Arctic Frost probe is now under investigation by Florida’s attorney general, The Daily Wire can first report.

Florida Attorney General James Uthmeier told JPMorgan Chase in a Monday morning letter reviewed by The Daily Wire that it had “grave concerns” about the bank’s actions relating to Trump Media, the Florida-based company that operates Truth Social.

The investigation was prompted by information released by the Senate Judiciary Committee, which disclosed last month that Special Counsel Jack Smith’s Arctic Frost investigation into Donald Trump had targeted hundreds of Republican individuals and entities with subpoenas.

“I write to express grave concerns about the explosive revelations regarding the Biden Administration’s pursuit of its political adversaries, and [JPMorgan Chase’s] ensuing actions in the shadow of this operation, codenamed ‘Arctic Frost,'” Uthmeier wrote in a letter to JPMorgan Chase, first obtained by The Daily Wire.

In the letter, which was sent Monday to JPMorgan Chief Executive Officer Jamie Dimon, Uthmeier notes that the Biden DOJ subpoenaed JPMorgan on March 28, 2023. That subpoena called for any and all records of Trump Media Group including “records covering a time period before [Trump Media] existed,” the Florida attorney general noted. 

“In addition to spying on Republican Senators,” the letter states, “the Biden Administration subpoenaed sensitive banking information from several Florida individuals, organizations, and business entities including Trump Media & Technology Group Corp. (TMTG), a Florida corporation.” 

Uthmeier suspects that JPMorgan Chase was providing sensitive banking information to the Department of Justice and Smith as part of the “malicious prosecutions” into the president, the attorney general told the Daily Wire. He also said the bank was “asking many questions of Trump Media, its client, questions seemingly unrelated to its business.”

JPMorgan alerted shareholders last week that it was “responding to requests from government authorities and other external parties regarding, among other things, the firm’s policies and processes and the provision of services to customers and potential customers,” an apparent reference to debanking. President Trump signed an executive order in August demanding that regulators look into “politicized or unlawful debanking” by the big banks.

JPMorgan says it supports the executive order on debanking.

“This is a step in the right direction,” a JPMorgan spokesman told The Daily Wire in August. “Preventing regulatory overreach and reforming laws that have led to debanking are welcome efforts. The industry has been involved in identifying solutions to this problem for years and looks forward to continuing to work this Administration and Congress to get this right.”

Dimon himself has been vocal in his support of the Trump administration’s efforts to end debanking, noting that JPMorgan and other financial institutions were strong-armed into debanking individuals by the Biden administration.

“The rules and requirements are so onerous and it does cause people to be debanked who, in my opinion, should not be debanked,” Dimon told reporters in February.

Florida Attorney General James Uthmeier in St. Cloud, Florida, on Aug. 19, 2025. (Joe Burbank/Orlando Sentinel/Tribune News Service via Getty Images)

The Florida attorney general’s letter also states that immediately after the “Biden DOJ’s fishing expedition began,” JPMorgan Chase started questioning Trump Media about its transactions from years prior. “[JPMorgan Chase] insisted this fact-gathering was merely ‘due diligence,'” the Florida attorney general said. “These inquiries, however, appear to be pretextual and unrelated to their stated purpose.”

Immediately after Trump Media closed a merger in March 2024, the letter says, JPMorgan Chase notified Trump Media that it was closing its bank accounts — timing that raises “obvious, troubling questions,” according to the Florida attorney general.

“This activity may implicate numerous Florida criminal and civil anti-fraud laws and de-banking prohibitions, as well as a breach of the basic, fundamental duties owed to your banking customers,” the letter states. “Rest assured, this office will be investigating to ascertain the nature of these secret and suspicious circumstances.  I have directed my Office of Statewide Prosecution and Enforcement Division to begin investigating this matter immediately.”

JPMorgan is asked in the letter to initiate a litigation hold to preserve all documents relevant to the matter.

Uthmeier told The Daily Wire that he’s committed to protecting Florida-based companies, especially when it believes there was “intent to harm.”

“We think it’s wrong that companies were just coughing things up to the Department of Justice when there was not real probable cause, and we think it’s wrong that companies are debanked, especially at such important times,” Uthmeier said.

“So we’re going to investigate further,” the attorney general said. “We protect Florida-based companies like Trump Media Group. We protect our consumers and where there’s discriminatory banking practices taking place, especially those with intent to harm, we will fight back and hold wrongdoers accountable.”

Uthmeier also pointed out to The Daily Wire that the matter also appears to be related to Jack Smith’s January 6 investigation, and he noted that Trump Media Group’s Truth Social was launched in in February 2022, more than a year after January 6, 2021.

“Any notion that this company was somehow involved in whatever criminal activity that the Department of Justice alleged, wrongfully alleged, surrounded the J6 events,” he said. “Clearly, Truth Social would not have been a part of that.”

“It shows the full scope of the weaponization and the efforts to go after anybody related to Trump or the conservative cause.” 

Devin Nunes, the former congressman who’s now CEO of Trump Media, appeared on Fox News on Sunday where he also raised questions about JPMorgan Chase’s treatment of Trump Media in relation to Arctic Frost.

“One would think that Trump Media would not have been caught up into Arctic Frost at all, largely because…we just became a public company in 2024 and we were nowhere around in 2021 on January 6. So why would Trump Media be subpoenaed at that time during this investigation? It doesn’t make any sense.”

“Should [JPMorgan Chase] have complied with this, knowing that we weren’t around? They had to know that our company wasn’t around on January 6. We were never notified…did this break laws in the state of Florida?”

JPMorgan “inexplicably” debanked Trump Media “right at the time we were going public,” he argued, “right at the height of the campaign,” a move that “looked political at the time,” but now looks even more suspicious.

In the final months of 2022, President Joe Biden was dealing with one foreign policy crisis after another.

The crisis dominating headlines and requiring the administration’s immediate attention that year was Russia’s invasion of Ukraine. But there was another conflict brewing, around 200 miles south of Russia’s border.

In December 2022, Azerbaijan set up environmental protests as a false flag to illegally block the Lachin Corridor, the only road connecting Armenia to Nagorno-Karabakh, a region inside of Azerbaijan that had been the home of ethnic Armenians for thousands of years. In the months that followed, the Azerbaijani regime in Baku ramped up its attack on Nagorno-Karabakh, as Armenian soldiers and civilians were killed in intense fighting.

Azerbaijan also cut off electricity and prevented food and aid from reaching the region, forcing around 120,000 ethnic Armenians to flee the place they had called home since the 7th century B.C.

One senior Biden administration official appeared to be the ideal person to address the growing humanitarian crisis in Nagorno-Karabakh and come to the aid of Armenians. Samantha Power, Biden’s Administrator of the United States Agency for International Development (USAID), spent decades raising awareness for human rights issues, including highlighting the violence that Armenians have faced for decades. Power, a longtime journalist, gained more notoriety after publishing a book titled “A Problem from Hell: America and the Age of Genocide,” in which she highlighted the Armenian genocide, among other genocides that she argues the U.S. government failed to stop.

“She was not your average Biden administration official,” Democratic political strategist Eric Hacopian told The Daily Wire. “Because she has this halo over her head about human rights.”

Her human rights activism and writing landed Power a coveted post in the Obama administration when she was tapped to be the U.S. ambassador to the United Nations. Power had thrown her support behind Obama’s 2008 campaign, arguing that he had an “unshakable conscientiousness about human rights on the issue of genocide prevention.” Power also highlighted then-candidate Obama’s support for recognizing the Armenian genocide and “his willingness as president to commemorate it and certainly to call a spade a spade and to speak truth about it.” That recognition never came under Obama, something for which Power apologized.

Power then became one of the most influential people within the Biden administration when it came to human rights, especially with Armenia. Then the conflict with Azerbaijan exploded.

Azerbaijan’s attacks in late 2022 and 2023 were not a surprise: President Ilham Aliyev’s regime had long hinted that it would push to take control of the region. Professor Nerses Kopalyan told The Daily Wire that the Biden administration’s “inaction” on preparing for such an attack was “shocking.”

“The fact that the United States’ foreign policy establishment was privy to this information, their general inaction was quite shocking purely from the lens of humanitarianism, considering the fact that Samantha Power and the entire wing in the foreign policy structures in the Biden administration had for such a long time been very vocal and a strong proponent of humanitarian issues,” Kopalyan said.

“When it came time to walk the walk, Samantha Power and that branch of the Biden administration basically disappeared,” Kopalyan added. “So we realized that it was all talk and no action, and the blockade continued until the ethnic cleansing.”

Between November 2022 and September 2023, then-Secretary of State Antony Blinken held three rounds of peace talks with Armenia and Azerbaijan, with the Biden administration claiming that the talks “yielded results.” But whatever was discussed during the meetings was not enough to stop Azerbaijan from proceeding with its plan to uproot over 100,000 Armenians from their home. Top Biden officials also signaled that the administration would not tolerate the ethnic cleansing of Armenians from Nagorno-Karabakh, a line that the Aliyev regime crossed without any consequences.

Internally, some officials in the Biden administration urged the White House to draw a red line for Azerbaijan, according to a former government official with knowledge of the situation who spoke to The Daily Wire on the condition of anonymity.

“We were certainly pushing for more fortitude on the part of the White House and the State Department in making it clear to Aliyev that there would be consequences for moving militarily on Nagorno-Karabakh,” the official said. “Unfortunately, that wasn’t the case.”

The source said that in the months prior to Azerbaijan’s offensive, “there was a sense” in the Biden administration that Baku would move militarily on Nagorno-Karabakh, adding that “there was outreach from Washington to Baku at a high level to dissuade that kind of action.”

“But that messaging was not married up with real consequences,” the former official added.

Despite Power’s apparent sympathy for the Armenian position, many Armenians believe that she left them out to dry. In the weeks and months leading up to Azerbaijan’s blockade, Power did not visit Armenia or make any major statements on aiding the Armenians in Nagorno-Karabakh.

Hacopian, who is also an Armenian political commentator, told The Daily Wire that Power and USAID were “entirely insincere” in their efforts “early on in the process” before Azerbaijan launched its major offensive.

“They were never working to get aid into that region during the illegal Azerbaijani blockade,” Hacopian said. “They simply wanted to deal with the effects of the ethnic cleansing.”

He added that it was obvious that the Biden administration wanted to take a hands-off approach to the conflict, and that Power was “not willing to take a stand.”

“She, essentially, cynically went along for the ride, not saying a word,” Hacopian said. “And the moment the ethnic cleansing started, she showed up.”

“She’s wildly reviled here because of that,” he added.

Some of that disdain for Power was captured on camera after she arrived in Armenia in September 2023. During a press conference near the Azerbaijan border, Power was heckled during a press conference in Armenia by someone who shouted, “Sanction Azerbaijan or go back to your country. You don’t care. Stop the lies.”

Power did not respond to a request to be interviewed for this piece.

The former Biden official who spoke to The Daily Wire on the condition of anonymity said that once Azerbaijan had forced the Armenians out of Nagorno-Karabakh, discussions in the administration were “less about how do we punish Azerbaijan right now and more about what do we do to support Armenia in this moment.”

“We could’ve walked and chewed gum at the same time, but we didn’t,” the official said. “But I do think there was an effort to try to show up for Armenia.”