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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Litigation Release No. 14763 / December 21, 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 
     December 13, 1995, it filed a motion for civil contempt
     against the Santa Monica law firm of O'Neill, Lysaght & Sun
     ("O'Neill"), in the U.S. District Court for the Central
     District of California, based upon O'Neill's receipt on
     September 12, 1995 of $75,000 from its client, Michael J.
     Colello, in violation of a September 7, 1995 judgment and
     order of the Court granting the Commission summary judgment.

     Colello is a relief defendant in a Commission civil
     enforcement action in which other defendants raised over $21
     million from investors in violation of the registration and
     antifraud provisions of the federal securities laws.  The
     Court ordered Colello, who had received investor funds from
     the other defendants, to pay over $2.6 million in
     disgorgement and over $276,000 in prejudgment interest.  The
     Court froze all of Colello's assets until such time as he
     pays the ordered disgorgement. Colello has failed to pay any
     of the disgorgement, and the Commission has already filed a
     motion for civil contempt against him.