SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.


     LITIGATION RELEASE NO. 15499 / September 17, 1997 

     SECURITIES AND EXCHANGE COMMISSION v. CHARLES ANTHONY FERRACONE, JAMES W.
     FARRELL, JAMES L. ERICKSTEEN, GARY L. MOORE, JILL HALL, and GUIDO BENSBERG,
     Civil Action No. 97cv1684H(POR) (S.D. Cal.)

          On September 17, 1997, the Commission filed a securities fraud action
     in the United States District Court for the Southern District of California
     seeking injunctions, monetary penalties, and other relief against Charles
     Anthony Ferracone, James W. Farrell, James L. Ericksteen, Gary L. Moore,
     Jill Hall and Guido Bensberg.

          The complaint alleges that for a period of at least two years
     beginning in 1992, defendants Ferracone, Farrell, Ericksteen, Moore and
     Hall, acting through various corporate and trust entities, engaged in a
     fraudulent stock leasing scheme.  According to the complaint, these
     defendants acquired hundreds of millions of shares of restricted stock in
     at least 18 publicly-traded companies by falsely promising the issuing
     companies that they would pay the issuing companies large monthly rental
     fees for the stock, that they would not sell, pledge, or otherwise transfer
     the stock in any way, and that the companies could take the stock back
     after a year.  The complaint alleges that after acquiring the stock
     certifiicates, the defendants repeatedly attempted to transfer the stock to
     third parties without disclosing the many restrictions that encumbered the
     shares, in order to fraudulently obtain property, money, or credit.

          According to the complaint, the defendants' fraudulent scheme resulted
     in losses to such third parties of at least $9.5 million.  Specifically,
     the complaint alleges that the defendants subleased certain of the
     restricted stocks to defendant Bensberg, who fraudulently pledged the stock
     as collateral to obtain $3 million from Bank Leu pursuant to a line of
     credit.  The complaint further alleges that in another instance, Bensberg
     directly acquired restricted stock from a public company and fraudulently
     pledged it to obtain $6.5 million from the London office of Lehman
     Brothers, also pursuant to a line of credit.

          The Commission's complaint charges the defendants with violating
     Section 17(a) of the Securities Act of 1933, Section 10(b) of the
     Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and seeks relief
     against all defendants in the form of permanent injunctions, disgorgement
     of illicit gains, and civil monetary penalties.

          The Commission's investigation is continuing.









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