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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 15320 / April 8, 1997

SEC v. Jerome E. Pinckney, Richard L. Arnold, Donald E. Elder,
Fernando Cruz, Shaun K.R. Maxwell, Anthony Bukovich, Jr., and Six
Capital Corporation (E.D.N.C., Civil Action No. 7:95-CV-122-BR-1)

     The Securities and Exchange Commission announced today that
on March 27, 1997, the Honorable W. Earl Britt, United States
District Judge for the Eastern District of North Carolina,
entered an order of permanent injunction against defendant,
Donald E. Elder ("Elder"), from violating Section 17(a) of the
Securities Act of 1933.  The Court found that the imposition of
civil penalties would be considered at a later date upon motion
by the Commission.    

     Elder consented to the relief without admitting or denying
the allegations set forth in a complaint filed by the Commission
on August 23, 1995.  The complaint alleged that Elder violated
the antifraud statute by offering for sale investment contracts
which were part of a prime bank scheme.  Elder attempted to
obtain funds from investors by misrepresenting or failing to
disclose material facts in connection with the sale of prime bank
notes.  Among other misrepresentations, Elder falsely represented
that the investments were risk-free and that contractual
guarantees of payment were being given by a major United States
bank.