US Probes JPMorgan’s Ties to Iranian Oil Kingpin’s Hedge Fund

The US Treasury Department is examining JPMorgan Chase & Co.’s relationship with a hedge fund that’s said to be part of a network overseen by Iranian oil trader Hossein Shamkhani.

The probe is at an early stage as the agency scrutinizes whether the New York-based bank complied with all rules and regulations when it took on Ocean Leonid Investments Ltd. as a client, according to people familiar with the matter, who requested anonymity as the information isn’t public. The entity was recently suspended by Dubai’s financial free zone.

Bloomberg News reported on Oct. 24 about Ocean Leonid’s role ...