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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION


LITIGATION RELEASE NO. 14926 / May 31, 1996

UNITED STATES OF AMERICA v. JOHN P. ACORD AND DOUGLAS H. KENNETT
3:95-CR-250-P, USDC, ND/TX [Dallas Division]

     The Securities and Exchange Commission ("Commission") and
the United States Attorney for the Northern District of Texas
announced that on February 7, 1996, John Acord ("Acord") and
Douglas H. Kennett ("Kennett") were sentenced to 51 months and 15
months imprisonment, respectively, three years on supervised
release, and were ordered to pay restitution in the amount of
$10,000 and $50,000, respectively.  Acord and Kennett each pled
guilty to one count of securities fraud.  Acord began serving his
prison term immediately and Kennett began serving his term on
March 13, 1996.

     The criminal charges against Acord and Kennett relate to the
same activities alleged in the Commission's complaint for civil
injunctive action filed on November 15, 1995. In that complaint,
the Commission alleges that Acord and Kennett participated in the
fraudulent offer and sale of limited partnerships formed to
invest in low-income properties. The Commission asked the Court
to permanently enjoin Acord and Kennett from future violations of
the federal securities laws, order disgorgement of ill-gotten
profits, and impose civil money penalties

     The Commission acknowledges the assistance of the State
Securities Board of Texas in this matter.  

     For further information, see Litigation Releases Nos. 14739,
and 14746.