United States Commodity Futures Trading Commission v. SNC Asset Management, Inc. et al

Filing 22

ORDER EXTENDING STATUTORY RESTRAINING ORDER AS TO DEFENDANT JIN CHUNG. Defendant Jin Chung shall appear on July 7, 2009 at 4:00 p.m. to show cause why an order for preliminary injunction should not be granted. Signed by Judge Maxine M. Chesney on June 19, 2009. (mmclc1, COURT STAFF) (Filed on 6/19/2009)

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Gretchen L. Lowe, DC Bar No. 421995 [e-mail] Luke Marsh, DC Bar No. 475635 [e-mail] Toye Olarinde, VA Bar No. 43075 [e-mail] Commodity Futures Trading Commission 1155 21st St. N.W. Washington, D.C. 20581 Telephone [phone] Facsimile [phone] Attorneys for Plaintiff Commodity Futures Trading Commission UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA SAN FRANCISCO DIVISION ________________________________________ ) ) UNITED STATES COMMODITY FUTURES ) Case No. CV 09-2555 MMC TRADING COMMISSION, ) ) (proposed) ORDER EXTENDING Plaintiff, ) STATUTORY RESTRAINING ORDER ) AS TO DEFENDANT JIN CHUNG vs. ) ) SNC ASSET MANAGEMENT, INC., ) formerly Son and Company, Inc., SNC ) INVESTMENTS, INC., PETER SON and JIN ) K. CHUNG, ) Defendants, ) ) and ) ) ANN LEE, ) ) Relief Defendant. ) ________________________________________ )

(proposed) Order Extending Statutory Restraining Order As To Defendant Jin K. Chung

Case No. CV 09-2555 MMC

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This matter came before the Court on the Court's June 10, 2009 Order to Show Cause why a preliminary injunction should not issue pursuant to Section 6c of the Commodity Exchange Act as amended (the "CEA"), 7 U.S.C. § 13a-1 (2006). D.E. 10. The Court has reviewed and considered the Complaint, Plaintiff CFTC's ex parte Application for a Statutory Restraining Order and Order to Show Cause, Supporting Memorandum of Points and Authorities

6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 (proposed) Order Extending Statutory Restraining Order As To Defendant Jin K. Chung 2 Case No. CV 09-2555 MMC IT IS FURTHER ORDERED THAT Defendant Jin K. Chung shall appear before this 7th July 4 p Court on the ____ day of ________________, 2009, at ______, __.m., before the Honorable Maxine M. Chesney at the United States Courthouse for the Northern District of California, 450 Golden Gate Avenue, San Francisco, California 94102, to show cause, if there be any, why an Order for Preliminary Injunction should not be granted to prohibit further violations of the Act and all exhibits, declarations, testimony and evidence submitted therewith, Plaintiff Commission's Application for Preliminary Injunction and Motion to Extend Statutory Restraining Order as to Defendant Chung, and all other written and oral submissions of counsel presented to the Court. The Court finds that plaintiff Commission has demonstrated that it attempted to provide Defendant Jin K. Chung with actual notice of the Statutory Restraining Order and Order to Show Cause. By Order of this Court, the Statutory Restraining Order expires at 8:00 a.m. PDT on June 24, 2009, unless extended by the Court. Based on the Plaintiff Commission's papers, including the Declaration of Toye Olarinde in Support of the Preliminary Injunction, good cause exists to extend the terms of the Statutory Restraining Order to allow the Commission additional time to notify Defendant Chung of the Statutory Restraining Order and Order to Show Cause. GOOD CAUSE APPEARING THEREFOR, to the extent it relates to Defendant Jin K. Chung only, the Court's June 10, 2009 Statutory Restraining Order and Order to Show Cause July 9 8a (D.E. 10) is extended until _________, 2009 at ___, __.m.

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and why the other relief requested should not be granted pending trial on the merits of this action. Should Defendant Jin K. Chung wish to file a memorandum of law or other papers in opposition to Plaintiff's Motion for a Preliminary Injunction, all papers shall be filed on or July 2 before ______________________, 2009 and served via facsimile or overnight delivery to the 4 p Commission's Washington D.C. office no later than _______ o'clock ___.m. on PDT July 2 ______________________, 2009. Any reply papers shall be filed with the Court and delivered to opposing counsel no later than _______ o'clock ___.m. on ______________________, 2009. 1 p PST on July 6 Service of all papers shall be by electronic mail, facsimile, or personal service.

19th July IT IS SO ORDERED, in San Francisco, California on this ____ day of __________ 2009.

UNITED STATES DISTRICT JUDGE

(proposed) Order Extending Statutory Restraining Order As To Defendant Jin K. Chung 3

Case No. CV 09-2555 MMC