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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. 

PETER C. SON, JIN K. CHUNG, 

SNC ASSET MANAGEMENT, INC., and

SNC INVESTMENTS, INC., 

 Defendants. 

 Case No. CV-09-2554 MMC 

Case No. CV-09-2555 MMC 

INTERIM STATUS REPORT 

AND STIPULATED REQUEST 

TO STAY DISCOVERY AND

CONTINUE PRETRIAL 

DEADLINES

AND ORDER THEREON

Case 3:09-cv-02555-MMC Document 48 Filed 07/08/10 Page 1 of 6
 

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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

ANN LEE, 

 Relief Defendant. 

Case 3:09-cv-02555-MMC Document 48 Filed 07/08/10 Page 2 of 6
INTERIM STATUS REPORT AND STIP. 1 CASE NOS. CV-09-2554/2555 MMC

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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.

//

//

//

Case 3:09-cv-02555-MMC Document 48 Filed 07/08/10 Page 3 of 6
INTERIM STATUS REPORT AND STIP. 2 CASE NOS. CV-09-2554/2555 MMC

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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 Current Date Proposed Continued Date

Confidential Settlement 

Conference Statement 

July 19, 2010 Vacated 

Settlement Conference July 29, 2010 Vacated 

Designation of Experts July 31, 2010 Oct. 1, 2010 

Non-expert discovery cutoff Aug. 31, 2010 Oct. 29, 2010 

Expert discovery cutoff Aug. 31, 2010 Oct. 29, 2010 

Dispositive motions Oct. 1, 2010 Dec. 3, 2010 

Further Telephonic Status 

Conference Statement 

Oct. 22, 2010 Oct. 22, 2010 (no change) 

Further Telephonic Status 

Conference

Oct. 29, 2010 Oct. 29, 2010 (no change) 

Meet and confer Jan. 31, 2011 Jan. 31, 2011 (no change) 

Pretrial conference Mar. 8, 2011 Mar. 8, 2011 (no change) 

Trial date Mar. 21, 2011 Mar. 21, 2011 (no change) 

//

//

//

Case 3:09-cv-02555-MMC Document 48 Filed 07/08/10 Page 4 of 6
INTERIM STATUS REPORT AND STIP. 3 CASE NOS. CV-09-2554/2555 MMC

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 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 

Case 3:09-cv-02555-MMC Document 48 Filed 07/08/10 Page 5 of 6
INTERIM STATUS REPORT AND STIP. 4 CASE NOS. CV-09-2554/2555 MMC

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* * * 

[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 09-

007755 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: 

Designation of Experts Oct. 1, 2010 

Non-expert discovery cutoff Oct. 29, 2010 

Expert discovery cutoff Oct. 29, 2010 

Dispositive motions Dec. 3, 2010 

IT IS SO ORDERED. 

Dated: ______________, 2010 

 _______________________________ 

 MAXINE M. CHESNEY 

 United Stated District Judge 

July 7

United States District Judge

/s/ Vaughn R Walker for

Case 3:09-cv-02555-MMC Document 48 Filed 07/08/10 Page 6 of 6