==========================================START OF PAGE 1====== SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. Litigation Release No. 15294 / March 14, 1997 SECURITIES AND EXCHANGE COMMISSION v. FRANK DUCA AND JAN JUSKO, 95 Cv. 4475 U.S.D.C., E.D.N.Y. NEW YORK, N.Y.--The Securities and Exchange Commission today announced that on March 4, 1997, the Honorable Judge Joanna Seybert, United States Judge for the Eastern District of New York, entered an Order of Final Judgment by Consent against Jan Jusko ("Jusko"). The Order requires that Jusko disgorge ill- gotten gains in the amount of $40,130 and pay prejudgment interest in the amount of $13,777.91 The Commission's Complaint, filed on November 2, 1995, names Jusko as a relief defendant and seeks the return of over $50,000 that he received in funds that were misappropriated from in or about May 1991 to in or about September 1993 by Frank Duca ("Duca"), the former chief executive officer of Island Securities, Inc., a registered broker-dealer. The Complaint alleged that Duca misappropriated more than $535,000 from sixteen of his customers' accounts using an elaborate scheme involving, among other things, material misrepresentations and omissions, forged client authorizations, forged endorsement signatures on mutual fund redemption checks, and fabricated account statements. The Complaint also alleges that, as part of that scheme, Duca falsely told customers that he would invest their money in "tax- free government bonds" when, in fact, Duca knew that he would not be investing their money in any type of government bond and, instead, gave customers promissory notes in the name of Allvest Corp., an entity with which he was affiliated. From in or about May 1991 through October 1992, Jusko received approximately 32 checks issued by Allvest Corp. totaling approximately $50,000. [See Litigation Release No. 14709]