Securities And Exchange Commission v. Son et al

Filing 57

ORDER GRANTING STIPULATED REQUEST TO STAY DISCOVERY AND CONTINUE PRETRIAL DEADLINES. Discovery is stayed until after defendant Peter C. Son is sentenced on July 30, 2010. The parties shall inform the Court no later than August 6, 2010 about the statu s of the criminal sentencing and whether a Settlement Conference will be required. The deadline to designate experts is continued to October 1, 2010. The non-expert and expert discovery cutoff dates are continued to October 29, 2010. The deadline to file dispositive motions is continued to December 3, 2010. Signed by Judge Vaughn R Walker for Maxine M. Chesney on July 7, 2010. (mmclc1, COURT STAFF) (Filed on 7/8/2010)

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Securities And Exchange Commission v. Son et al Doc. 57 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 ROBERT TASHJIAN (Cal. Bar No. 191007) tashjianr@sec.gov THOMAS J. EME (Illinois Bar. No. 6224870) emet@sec.gov Attorneys for Plaintiff SECURITIES AND EXCHANGE COMMISSION 44 Montgomery Street, 26th Floor San Francisco, California 94104 Telephone: (415) 705-2500 Facsimile: (415) 705-2501 GRETCHEN L. LOWE (D.C. Bar No. 421995) glowe@cftc.gov TOYE OLARINDE (Virginia Bar No. 43075) aolarinde@cftc.gov Attorneys for Plaintiff COMMODITY FUTURES TRADING COMMISSION 1155 21st Street, N.W. Washington, D.C. 20581 Telephone: (202) 418-5322 Facsimile: (202) 418-5531 UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA SAN FRANCISCO DIVISION SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. INTERIM STATUS REPORT AND STIPULATED REQUEST TO STAY DISCOVERY AND CONTINUE PRETRIAL DEADLINES AND ORDER THEREON Case No. CV-09-2554 MMC Case No. CV-09-2555 MMC 19 20 21 22 23 24 25 26 27 28 PETER C. SON, JIN K. CHUNG, SNC ASSET MANAGEMENT, INC., and SNC INVESTMENTS, INC., Defendants. Dockets.Justia.com 1 2 3 4 5 6 7 8 UNITED STATES COMMODITY FUTURES TRADING COMMISSION, Plaintiff, v. SNC ASSET MANAGEMENT, INC., Formerly Son and Company, Inc., SNC INVESTMENTS, INC., PETER SON, and JIN K. CHUNG, Defendants, and 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 ANN LEE, Relief Defendant. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 The parties file this Interim Status Report to inform the Court that defendant Peter C. Son recently pleaded guilty in a related criminal action. Son is currently scheduled to be sentenced on July 30, 2010. The parties are in negotiations to resolve the pending claims against Son, the two entity defendants, SNC Asset Management, Inc. ("SNCA") and SNC Investments, Inc. ("SNCI"), and Ann Lee, the relief defendant in the Commodity Futures Trading Commission's action. This matter is currently set for a Settlement Conference with Magistrate Judge Elizabeth D. Laporte on July 29, 2010, and a further Status Conference with the Court on October 29, 2010. In light of the guilty plea, the upcoming sentencing hearing, and the anticipated resolution of the civil claims, the parties request that the Court stay discovery , continue certain pretrial deadlines, and vacate the Settlement Conference. A. STATUS OF THE CASE Son is a defendant in a related criminal case, United States v. Peter C. Son, No. CR 09-00755 DLJ (N.D. Cal. filed July 27, 2009). The criminal charges against Son arise out of the same factual allegations as those made in the two civil actions. On April 9, 2010, Son pleaded guilty. Son is currently scheduled to be sentenced on July 30, 2010. The plaintiffs and Son, who is an officer of SNCA and SNCI, have been discussing a resolution of the civil claims. The parties will consider Son's sentence, including the time he is ordered to remain in custody and the amount of restitution he is ordered to pay, in arriving at an appropriate settlement with Son, SNCA, and SNCI, as well as with the relief defendant, Lee. // // // INTERIM STATUS REPORT AND STIP. 1 CASE NOS. CV-09-2554/2555 MMC 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 B. STIPULATION TO CONTINUE SETTLEMENT CONFERENCE AND OTHER DEADLINES The parties agree to recommend that the Settlement Conference be taken off calendar, the discovery deadlines rescheduled, and discovery stayed until after Son is sentenced. A stay in the discovery in this action until after the current sentencing date, July 30, 2010, would permit the parties to discuss resolution of the civil claims. Similarly, an extension of certain pretrial deadlines would give the parties time to negotiate a resolution and plaintiffs an appropriate amount of time to seek ultimate approval of any settlement offers made by Son, SNCA, SNCI, and the relief defendant. Because the parties believe that they will be able to resolve this action, they recommend that the Settlement Conference be vacated. The parties therefore stipulate to the following schedule: Event or deadline Confidential Settlement Conference Statement Settlement Conference Designation of Experts Non-expert discovery cutoff Expert discovery cutoff Dispositive motions Further Telephonic Status Conference Statement Further Telephonic Status Conference Meet and confer Pretrial conference Trial date // // // Current Date July 19, 2010 July 29, 2010 July 31, 2010 Aug. 31, 2010 Aug. 31, 2010 Oct. 1, 2010 Oct. 22, 2010 Oct. 29, 2010 Jan. 31, 2011 Mar. 8, 2011 Mar. 21, 2011 Proposed Continued Date Vacated Vacated Oct. 1, 2010 Oct. 29, 2010 Oct. 29, 2010 Dec. 3, 2010 Oct. 22, 2010 (no change) Oct. 29, 2010 (no change) Jan. 31, 2011 (no change) Mar. 8, 2011 (no change) Mar. 21, 2011 (no change) INTERIM STATUS REPORT AND STIP. 2 CASE NOS. CV-09-2554/2555 MMC 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 A [Proposed] Order follows. The parties will submit a separate [Proposed] Order for Magistrate Judge Laporte's consideration vacating the current Settlement Conference. Dated: June 24, 2010 /s/ Robert L. Tashjian ROBERT L. TASHJIAN Attorney for Plaintiff SECURITIES AND EXCHANGE COMMISSION /s/ Toye A. Olarinde___ _____ TOYE A. OLARINDE Attorney for Plaintiff COMMODITY FUTURES TRADING COMMISSION /s/ John H. Feiner JOHN H. FEINER Attorney for Defendants PETER C. SON, SNC ASSET MANAGEMENT, INC., and SNC INVESTMENTS, INC., and Relief Defendant ANN LEE INTERIM STATUS REPORT AND STIP. 3 CASE NOS. CV-09-2554/2555 MMC 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 IT IS SO ORDERED. 19 20 21 22 23 24 25 26 27 28 INTERIM STATUS REPORT AND STIP. July 7 Dated: ______________, 2010 Designation of Experts Non-expert discovery cutoff Expert discovery cutoff Dispositive motions * * * [PROPOSED] ORDER The Court has considered the materials and papers submitted by counsel in this matter. For good cause shown and PURSUANT TO STIPULATION, IT IS HEREBY ORDERED as follows: Discovery in this case shall be stayed until after defendant Peter C. Son is sentenced on July 30, 2010, in the criminal action captioned United States v. Peter C. Son, No. CR 09007755 DLJ (N.D. Cal. filed July 27, 2009). The parties shall inform the Court no later than August 6, 2010, about the status of the criminal sentencing and whether they believe that a Settlement Conference will be required to resolve the civil claims. The following pretrial deadlines previously set by the Court are continued to the following dates: Oct. 1, 2010 Oct. 29, 2010 Oct. 29, 2010 Dec. 3, 2010 /s/ Vaughn R Walker for _______________________________ MAXINE M. CHESNEY United Stated District Judge United States District Judge 4 CASE NOS. CV-09-2554/2555 MMC

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