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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

LITIGATION RELEASE NO. 15192 / December 18, 1996

SECURITIES AND EXCHANGE COMMISSION v. GEOFFREY PAUL ADAMS, et
al.,
3:96-CV-0300-H, USDC, ND/TX (Dallas Division)

     The Securities and Exchange Commission ("Commission")
announced that on December 6, 1996, in United States District
Court for the Northern District of Texas, a Final Judgment of
Permanent Injunction and Other Equitable Relief was entered
against Michael Donald McGahee ("McGahee"). Without admitting or
denying the allegations in the Commission's complaint, McGahee
consented to enjoined from future violations of Section 17(a) of
the Securities Act of 1933, and Section 10(b) of the Securities
Exchange Act of 1934, and Rule 10b-5 thereunder. The Court also
ordered McGahee to pay disgorgement in the amount of $35,659,
representing his gains from the conduct alleged in the complaint,
plus pre-judgment interest thereon in the amount of $3,522,
provided, however, that payment of all but $8,400 of the
disgorgement and pre-judgment interest be waived based on
McGahee's demonstrated financial inability to pay the full
amount. 

     The Commission's complaint alleged that McGahee participated
in the sale of over $3 million in interests or shares in the GPA
Growth Fund and its pooled brokerage accounts to over 100 people.

Further, the complaint alleged that McGahee made material
misrepresentations and omissions of material fact in connection
with the offer and sale of GPA Growth Fund shares, concerning,
among other things, the rate of return on the investments and the
use of proceeds.