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                SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.


SEC v. DAVID I. NAMER, NETWORK MORTGAGE SERVICES, INC., OFFSHORE
INSURANCE SERVICES, INC., MEYERS POLLOCK ROBBINS, INC., MICHAEL
PLOSHNICK, and SHELLI PLOSHNICK, 97 Civ. 2085 (MBM) (S.D.N.Y.) 

Litigation Release No. 15307 / March 26, 1997 


     The U.S. Securities and Exchange Commission announced that
on March 25, 1997 it filed a lawsuit in federal district court in
New York, New York, alleging violations of the antifraud and
registration provisions of the federal securities laws by David
I. Namer, two companies associated with Namer -- Network Mortgage
Services, Inc. and Offshore Insurance Services, Inc. -- the
brokerage firm of Meyers Pollock Robbins, Inc. ("Meyers
Pollock"), and its president Michael Ploshnick.  Named as a
relief defendant in the Commission's suit is Shelli Ploshnick, an
owner of Meyers Pollock.  According to the Commission's
complaint, in 1996 Namer and others conducted offerings of $13.9
million in the debt securities of three sepearte entities, some
or all of which were controlled by Namer, by means of material
misrepresentations and in violation of the registration
provisions of the federal securities laws.  The issuers subse-
quently defaulted on their payment obligations under the debt
instruments, causing investors to lose the full value of their
investments.
 
     The Commission bases the present action on offerings of the
corporate notes of Aircraft Leasing and Funding Co., LLC, Ray &
Ross Transport, Inc., and Northstar Leasing Co., LLC, conducted
in 1996 through Meyers Pollock.  All three offerings were sold to
the public on the basis of representations that the notes were
fully insured and, hence, investors incurred no risk in
purchasing them.  According to the Commission's complaint, these
representations were false; the purported agreements with various
insurance companies, which Namer provided to individuals
associated with the offerings, were either misrepresented or, in
some cases, outright forgeries.  Moreover, the complaint alleges,
sale of the three issues to the public was facilitated by a
determination by the Depository Trust Company ("DTC") that the
issues were eligible for DTC clearing and settlement services. 
However, the documents provided by Namer to DTC to obtain this
determination are alleged to be fraudulent.  In addition to other
funds obtained in connection with these offerings, the
Commission's complaint alleges that Meyers Pollock and its prin-
cipals, Michael and Shelli Ploshnick, received approximately $2
million from the proceeds of these offerings, purportedly
representing a purchase by Namer of a 50% ownership interest in
Meyers Pollock. 





     The Commission's complaint alleges that defendants'
fraudulent misrepresentations and omissions in connection with
these three offerings violated Section 17(a) of the Securities
Act of 1933 ("Securities Act") and Section 10(b) of the
Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5
thereunder, and that their failure to register these securities
with the Commission, prior to their sale, constituted violations
of Section 5 of the Securities Act.  The Commission seeks perma-
nent injunctions against future violations of the above
provisions of the federal securities laws, disgorgement and civil
penalties from all defendants except Shelli Ploshnick, from whom
it seeks only disgorgement.   

     On March 25, 1997, the Honorable Michael B. Mukasey, on ex
parte application of the Commission, entered a temporary
restraining order prohibiting violations of the anti-fraud and
registration provisions of the federal securities laws by all
defendants except relief defendant Shelli Ploshnick, and freezing
the assets of defendants Namer, Network Mortgage and Offshore
Insurance Services.  The court's order also requires that
defendants Michael and Shelli Ploshnick furnish security for
payment by them of $1,975,000, representing funds they received
directly or indirectly from Namer. 

     The Commission acknowledges the assistance of the National
Association of Securities Dealers in conducting its
investigation.