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JPMorgan stock reaction post-investigation
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U.S. Treasury Probes JPMorgan's Ties to Iranian Oil Trader Hossein Shamkhani's Hedge Fund
Nov 22, 2024, 01:14 PM
The U.S. Treasury Department is investigating JPMorgan Chase & Co.'s relationship with the Ocean Leonid hedge fund, which is allegedly connected to Iranian oil trader Hossein Shamkhani. The probe focuses on potential violations of U.S. sanctions involving Shamkhani's network. The investigation is in its early stages and aims to determine if the bank complied with regulations when dealing with the hedge fund, which is said to be part of a network overseen by Shamkhani, the son of Iran's former national security chief. JPMorgan is among the banks that offered leverage to the fund, and its stock price dropped 0.1% pre-market.
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