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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 14867 / April 9, 1996  

Securities and Exchange Commission v. Jetlease/Finance
Corporation, Civil Action No. 96-6352-CIV-RYSKAMP 

     The Securities and Exchange Commission ("Commission")
announced that on April 2, 1996, it filed a Complaint in the U.S.
District Court for the Southern District of Florida seeking a
permanent injunction against Jetlease/Finance Corporation
("Jetlease").  Jetlease is a Florida corporation, with its
principal office in Fort Lauderdale, that is primarily involved
in the business of leasing, and financing the sale of, used
aircraft in the small and medium size range to corporations and
individuals.  Jetlease represented that money raised through the
sale of promissory notes (the "Notes") was to provide the
financial base from which borrowers could finance aircraft lease
and purchases.  

     The Commission's Complaint alleges that from in or about
September 1992 until in or about February 1996, Jetlease offered
and sold the Notes to investors nationwide through newspaper
advertisements and a network of contracting sales agents. 
According to the Complaint, Jetlease fraudulently raised at least
$19 million through the sale of the Notes to at least 460
investors in numerous states.  The Commission alleges that, among
other things, Jetlease falsely represented in the offering
materials that the funds of each investor were to be fully
collateralized and secured by first liens on aircraft filed and
recorded with the Federal Aviation Administration.   In fact,
however, only approximately $3 million of the $19 million in
outstanding Notes were so secured.  The remaining investor notes
are unsecured.   The Complaint also alleges that Jetlease
violated the registration provisions of the federal securities
laws in connection with this offering of securities. 

     Based on the above, the Commission alleges that Jetlease
violated Section 5(a), 5(c) and 17(a) of the Securities Act of
1933 and Section 10(b) of the Securities Exchange Act of 1934,
and Rule 10b-5, thereunder.   Jetlease has, simultaneous with the
filing of the Complaint, and without admitting or denying the
Commission's allegations, consented to the entry of a permanent
injunction.