Chicago Hedge Fund Manager Jung Indicted For Fraud

Edward Thomas Jung allegedly swindled 55 wealthy investors out of more than $21 million in the late 1990s, in his now-defunct hedge fund, Strategic Income Fund LLC, according to the federal grand jury indictment.

Jung purportedly overstated his success as a CBOE trader, and though he promised to follow a conservative investment strategy, he instead misappropriated the investors' money and used it for his own stock market speculation. He also issued false and misleading statements of account to investors.

Source: Chicago Tribune, February 20, 2003