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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 14715 / November 9, 1995

SECURITIES AND EXCHANGE COMMISSION v. CROSS FINANCIAL SERVICES,
INC., OWEN R. FOX, CARROLL E. SIEMENS, BRUCE FRANKLIN, MICHAEL J.
COLELLO AND DOUGLAS S. CROSS, Civil Action No. 94-4228 RAP(Ex)
(C.D. Cal. June 23, 1994).

     The Securities and Exchange Commission announced that on
     November 8, 1995, it filed a motion for civil contempt
     against Defendants Owen R. Fox ("Fox") and Bruce Franklin
     ("Franklin") in the U.S. District Court for the Central
     District of California based upon Fox's and Franklin's
     failure to pay Court-ordered disgorgement and prejudgment
     interest awarded as a result of the Commission's civil
     enforcement action.  The Commission's civil action alleged
     violations of the registration and antifraud provisions of
     the federal securities laws by Fox, Franklin, and others. 
     On September 7, 1995, the Court entered a Judgment Against
     Defendants Owen R. Fox, Carroll E. Siemens, Bruce Franklin,
     Michael J. Colello and Douglas S. Cross ("Judgment")
     following granting the Commission's summary judgment
     motions.

     The Judgment orders Fox to pay disgorgement in the total sum
     of $7,850,710.09, plus prejudgment interest of $663,728.42
     thereon.  The Judgment also orders Franklin to pay
     disgorgement totalling $2,392,986.21 and $204,611.06 in
     prejudgment interest.  Fox and Franklin are jointly and
     severally liable for their disgorgement and prejudgment
     interest with various other defendants in the civil action.