Fugitive Defendant Nixed From CFTC’s $85M Ponzi Suit

Law360, New York (June 16, 2011, 6:15 PM EDT) -- A California federal judge on Thursday dismissed the last remaining defendant in the U.S. Commodity Futures Trading Commission's suit accusing two men and their companies of orchestrating an $85 million Ponzi scheme that targeted Korean-Americans, because he could not be located.

U.S. District Judge Maxine Chesney dismissed the CFTC's claims against Jin Chung without prejudice after the agency was unable to find him.

The CFTC “has been unable to serve Chung, the sole remaining defendant, and there is no showing [that it] is likely to effectuate...
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