UNITED STATES SECURITIES AND EXCHANGE COMMISSION



             Securities Exchange Act Release No. 41267 \ April 9, 1999

             Administrative Proceeding File No. 3-9869

             In the Matter of Craig Freeman, William Lashbrook, and

             Robert Sewell

                  The Commission announced the entry of an Order
             instituting public administrative proceedings pursuant to
             Sections 15(b) and 19(h) of the Securities Exchange Act of
             1934 (Order) against Craig Freeman, William Lashbrook
             (Lashbrook), and Robert Sewell (Sewell) based upon their
             previous criminal convictions for their respective roles in
             a $24 million nation-wide ponzi scheme.

                  The Order alleges that in June 1996, Craig Freeman was
             convicted of one count of money laundering, Lashbrook was
             convicted of one count of wire fraud  and one count of money
             laundering, and Sewell was convicted of one count of mail
             fraud in the United States District Court for the Eastern
             District of Missouri.  The criminal indictment upon which
             these criminal convictions were based alleged, among other
             things, that beginning on or about June 1, 1994, Craig
             Freeman, Lashbrook, and Sewell participated with James G.
             Freeman and others in the marketing and sales of
             approximately $24 million in unregistered promissory notes
             (the Freeman notes).  The indictment further alleged that in
             connection with the offer and sale of the Freeman notes,
             Craig Freeman, Lashbrook and Sewell, directly and
             indirectly, misrepresented and omitted to state material
             facts regarding, among other things, the nature of the
             investments, the risks involved, the use of investor
             proceeds, the commissions to be paid, and the returns on the
             investment.

                  A hearing will be held before an administrative law
             judge to determine whether the staff’s allegations against
             Craig Freeman, Lashbrook and Sewell are true, and if so,
             what sanctions, if any, are appropriate in the public
             interest against them.