Just a suggestion. You may want to look at that again. I've never seen a 480V poco service that was ungrounded. There is probably one out there - I just haven't seen it.
First POCo supplied, corner grounded 480V delta I ever saw (early 70s - it was likely 20 years old then) had this bare #10 snaking down the side of the main fused disconnect, lugged to the box, then out the bottom of the box to a ground rod.
Can you open the main and get to the line side? If you can, open the main and measure the line side voltage.
cf
They are still being installed.
If you have a delta source you have two options allowed by the NEC, corner ground it, or leave it ungrounded.
As far as Mules question.
It could be corner grounded delta and the 12 volts he is measuring could just be voltage drop on the grounded conductor.
OR
It could be ungrounded delta that has a ground fault and some resistance in the fault path.
I called Poco on the cell phone while I was looking at the bank, they verified, and I looked at the connections "no intentional ground" only to the tranformer tubs, the bottom side of the lighting arresters, butt wrap, and service drop tension wire, was the only connections.
So Here's the rest of the story....
after talking to poco and taking the readings, Im standing there with my gloves on, talking to the mainenance man. We were talking about a previous line fuse failure where poco re-fused. I suggested that it may have been lighting...then I suggested that he replace the surge arrester as a precaution, then he said..."Oh this one? and gently slapped the side of the small surge arrester with the back of his hand..(he had leather gloves on) ...then I heard the wires rattled in the riser pipe and it blew a fuse on the pole. He was nearly in shock....I told him do not touch anything!! Its old and dangerous... We called poco to come pull all of the fuses so we can troubleshoot, and that's what we are waiting on now. So I just thought I would bounce it off of you guys, to see if Im on track with possible probabilities........
So, Im going back out...Im thinking I will pull the meter, and look for continuity from C phase and the raceway and will find it either be upstream of the meter or downstream to the disconect, which will be the arrester, or the small conduit I mentioned...