U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 17417 / March 15, 2002

   Securities and Exchange Commission v. Edward Thomas Jung and E. Thomas
   Jung Partners, Ltd., also d/b/a ETJ Partners, Ltd., (U.S.D.C. N.D.
   Illinois, Eastern Division, Civil Action No. 01-C-4645, filed June 19,
   2001).

   The Securities and Exchange Commission announced that on March 14,
   2002, the Honorable John A. Nordberg of the U.S. District Court for
   the Northern District of Illinois entered a judgment of permanent
   injunction and other relief against Edward Thomas Jung, a resident of
   Chicago and formerly a trader at the Chicago Board Options Exchange
   (CBOE), and his registered broker-dealer, E. Thomas Jung Partners,
   Ltd., also d/b/a ETJ Partners, Ltd. (ETJ Partners), a market-maker at
   the CBOE. The Commission's complaint in this action alleged that Jung,
   manager of an unregistered, private hedge fund, Strategic Income Fund,
   L.L.C., engaged in a scheme to defraud the fund's investors resulting
   in the loss of more than $21 million invested by 60 investors. The
   complaint alleged that from July 1994 to February 1998, Jung was
   responsible for issuing a series of false performance reports that
   were used to solicit investors in the fund that materially overstated
   his prior trading record and that of the fund. In addition, from
   January 1995 to September 1998, Jung falsely stated that investor
   assets would be used solely to conduct the fund's business and to
   collateralize trading on behalf of the fund. Instead, Jung, acting
   through his broker-dealer, placed the investors' assets in ETJ
   Partners' account and used them to collateralize his own personal
   margin trading and to pay the expenses of running ETJ Partners. Jung's
   personal trading resulted in substantial losses, but Jung covered up
   his losses by sending investors false quarterly statements that
   materially overstated the current value of their investment in order
   to lull them into a false sense of security. Eventually, in September
   1998, ETJ Partners' clearing firm seized control of its account and
   liquidated the Fund's assets to cover ETJ Partners' margin call.

   Jung and ETJ Partners, without admitting or denying the allegations of
   the Commission's complaint, consented to the entry of the judgment
   which enjoins Jung and ETJ Partners from future violations of Section
   17(a) of the Securities Act of 1933, Section 10(b) of the Securities
   Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, enjoins
   ETJ Partners from violating, and Jung from aiding and abetting
   violations of, Section 15(c)(1) of the Exchange Act and Rule 15c1-2
   thereunder, and enjoins Jung from future violations of Sections 206(1)
   and 206(2) of the Investment Advisers Act of 1940.
     _________________________________________________________________