Official announcements from the U.S. Treasury Department or major financial news outlets

U.S. Treasury Investigates JPMorgan's Ties to Iranian Oil Trader's Ocean Leonid Hedge Fund

Nov 22, 2024, 12:07 PM

The U.S. Treasury Department is investigating JPMorgan Chase's relationship with a hedge fund allegedly connected to Iranian oil trader Hossein Shamkhani. The probe focuses on potential violations of U.S. sanctions involving Shamkhani's network. Regulators are examining JPMorgan's ties to the Ocean Leonid fund, which is part of the network overseen by Shamkhani. JPMorgan is among the banks that offered leverage to the hedge fund. Bloomberg News reports on the investigation.