-------------------- BEGINNING OF PAGE #1 -------------------

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

LITIGATION RELEASE NO. 14724 / November 21, 1995

SEC v. Jerome E. Pinckney, Richard L. Arnold, Donald E. Elder,
Fernando Cruz, Shaun K.R. Maxwell, Anthony Bukovich, Jr., and Six
Capital Corporation, Civil Action No. 7:95-CV-122-BR(1)
(E.D.N.C.)


     On November 6, 1995, Judge W. Earl Britt of the United
States District Court for the Eastern District of North Carolina
entered preliminary injunctions against Fernando Cruz, a
certified financial planner in New Jersey, and Donald E. Elder of
South Carolina, in connection with offers of fictitious prime
bank instruments in two different schemes.  The court also
enjoined Shaun K.R. Maxwell of Auburn, Washington who consented
to the injunction without admitting or denying the SEC's
allegations.  The preliminary injunctions prohibit violation of
Section 17(a) of the Securities Act of 1933.  In addition,
Maxwell was ordered to provide an accounting.  The court declined
to enter preliminary injunctions against Jerome E. Pinckney and
Richard L. Arnold, both of North Carolina, and Anthony Bukovich
and Six Capital Corporation of Florida.

     The complaint alleges that from April 1994 to September
1994, the defendants defrauded investors by making numerous
misrepresentations and omissions of material fact in connection
with the offer of two investment contracts based on the purchase
and sale of "prime bank securities."  The complaint alleges that
the first offer promised investors a 9% weekly return, guaranteed
by a top five United States bank or trust, and required a $10
million minimum investment which would remain 100% safe in the
investors' bank account.  The complaint further alleges that
several defendants offered a second prime bank investment
requiring an $870,000 minimum investment which was purportedly to
be used to purchase and sell discounted, $1 million guarantees
issued by the top fifteen banks in western Europe.  The second
offer, which was interrupted by the SEC's investigation, promised
that the bank guarantees would be resold to a major U.S.
brokerage firm for no less than $925,000.  In both schemes,
investors were asked to execute a Limited Power of Attorney
providing access to their funds.