A federal grand jury in Los Angeles has opened a wide-ranging criminal investigation into Mayor Tom Bradley's conduct in office and his personal finances, including his business ties to eight banks and brokerage firms, it was learned Thursday.

The investigation surfaced through the serving of a subpoena this month on the city treasurer's office, an agency that has been near the center of controversy surrounding the mayor over the last year. A copy of the subpoena was obtained by The Times Thursday.

Moved Slowly

The grand jury's involvement in the case represents a significant acceleration of a federal investigation that had moved slowly for months.

A federal official close to the case confirmed that investigators now are seeking evidence to present to the grand jury for a possible indictment.

"There's no two ways about it," said the federal official, who asked not to be identified. "This is a grand jury that is looking at Mr. Bradley. It's the old saying, 'Where there's smoke there is fire,' and there is heavy smoke here.

"We don't know yet if we are going to find criminality or just some bad judgment, but there's certainly enough to go through the grand jury process. It's a real thing."

The federal grand jury has more powers than any of the city agencies that have investigated the mayor thus far. It has the authority to compel witnesses to testify under oath and can subpoena virtually any records, including personal income tax returns.

Assistant U.S. Atty. Jeffrey Eglash, whose name appears on the subpoena, said: "I can't comment. I can't say anything."

FBI Special Agent Stanley Ornellas seemed surprised when told that the subpoena was made public Thursday. Citing FBI policy, Ornellas refused to discuss the subpoenas.

The subpoena was sweeping. Served Sept. 11 by FBI agents for the U.S. attorney's office, it ordered the treasurer to surrender any and all documents relating to an assortment of allegations against the mayor. Among other items, the subpoena sought records related to a bank that hired the mayor as an adviser and a Beverly Hills brokerage house that sold him junk bonds.

Bradley has also has received a federal subpoena requesting documents, said Bill Chandler, the mayor's spokesman.

Relevant Information

"The mayor will cooperate in providing all relevant and appropriate information to aid in this investigation," Chandler said. "The mayor is confident that there has been no impropriety on his part."