==========================================START OF PAGE 1======

                SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.

Litigation Release No. 15365 / May 13, 1997
Accounting and Auditing Enforcement Release No. 914

SECURITIES AND EXCHANGE COMMISSION v. GREENWAY ENVIRONMENTAL
SERVICES, INC., ALVIN A. MCCOLLUM, STEVEN F. BROADBENT, AND
REX L. ZIMMERMAN, United States District Court for the District
of Columbia, Civil Action No. 1:97CV01041 (D.D.C. May 13, 1997)
(EGS).

     The Securities and Exchange Commission today filed suit
seeking injunctive relief against Greenway Environmental
Services, Inc. ("Greenway"), Greenway's Chairman Alvin A.
McCollum ("McCollum"), Steven F. Broadbent ("Broadbent"),
Greenway's auditor, and securities salesman Rex L. Zimmerman
("Zimmerman").  Greenway purported to be a holding company for
mining interests, real estate and operating companies.  The
Commission's Complaint alleges that Greenway filed with the
Commission, between March 1992 and December 1993, fraudulent
periodic reports containing financial statements which reflected
assets not owned by Greenway, or assets held by Greenway whose
values were materially overstated.  This conduct transformed the
company in two years from a shell company with virtually no
assets to a company with putative assets of nearly $50 million. 
The Complaint further alleges McCollum signed all but one of
these fraudulent reports when he knew or was reckless in not
knowing that the financial statements were false.  Broadbent is
alleged to have prepared many of the false financial statements
and to have held himself out as Greenway's independent auditor
when he lacked the required independence and failed to perform
audits that met applicable professional standards.  Finally, for
several months in mid-1992, Zimmerman sold Greenway debentures
while unregistered with the Commission as a broker or dealer. 

     With the filing of the Complaint, Greenway consented to the
entry of a Final Judgment of Permanent Injunction restraining and
enjoining it from violating the antifraud provisions of the
Securities Exchange Act of 1934 (the "Exchange Act").  The
Complaint also alleged that the Company violated the reporting,
books and records, and internal controls provisions of the
statute, and Greenway has also consented to be enjoined from
future violations of these provisions.  McCollum and Broadbent
consented to the entry of injunctions barring violations of the
antifraud provisions, and Zimmerman consented to the entry of an
injunction against acting as an unregistered broker or dealer. 
Each of the defendants consented to the entry of a Final Judgment
without admitting or denying the Complaint's allegations.  

     As part of his settlement with the Commission,  Broadbent
also has agreed, without admitting or denying the Complaint's
==========================================START OF PAGE 2======

allegations, upon the entry of the court's injunction against
him, to the institution by the Commission of an administrative
proceeding and the issuance of a Commission order that denies him
the privilege of practicing before the Commission as an
accountant.