UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No. 15506 / September 24, 1997

     SECURITIES AND EXCHANGE COMMISSION V. WILLIAM H. MALEK, DEAN C. TURNER AND
     MICHAEL L. COOPERSTOCK, U.S. District Court for the Eastern District of
     Michigan, Civil Action No. 97-74810 (E.D. Mich. September 19, 1997)

          The Securities and Exchange Commission announced that on September 19,
     1997, it filed a Complaint in the United States District Court for the
     Eastern District of Michigan against William H. Malek, formerly a resident
     of Bellaire, Michigan, Dean C. Turner, a resident of Franklin, Michigan and
     Michael L. Cooperstock, a resident of Whitmore Lake, Michigan.  The
     Complaint seeks the entry of a final order of permanent injunction against
     Malek, Turner and Cooperstock, disgorgement of Turner's ill-gotten gains
     and civil penalties against Turner and Cooperstock.  The Complaint alleges
     that all three defendants violated the securities registration and the
     antifraud provisions of the Securities Act of 1933 (Securities Act) and the
     broker-dealer registration and antifraud provisions of the Securities
     Exchange Act (Exchange Act).

          In its Complaint, the Commission alleges that, from approximately 1990
     through October 1995, Malek was the president and a 50 percent shareholder
     in Lease Equities Fund, Inc. (LEF), which leased equipment for use by
     businesses and financed these transactions by offering and selling
     securities in the form of promissory notes secured by the equipment leases. 
     According to the Complaint, LEF also offered and sold promissory notes
     secured by cable television agreements assigned to LEF by NBF Cable
     Systems, Inc. (NBF), a cable television company affiliated with LEF.  The
     Complaint alleges that, from 1990 through October 1995, Malek operated a
     Ponzi scheme by using part of the proceeds of new promissory notes to repay
     previous investors in the notes, by forging equipment leases and by
     overassigning leases.  The Complaint further alleges that, from 1990
     through approximately 1995, Malek caused LEF to offer and sell unregistered
     LEF securities and that, from approximately October 1992 through October
     1995, Turner and Cooperstock offered and sold unregistered LEF securities. 
     According to the Complaint, Malek, Turner and Cooperstock made
     misrepresentations and omissions of material fact to investors concerning
     the use of investor funds, the source of funds to be repaid to investors,
     the risks associated with the securities, the collateral for the securities
     and the returns to be realized, and Turner made misrepresentations and
     omitted to state facts regarding his ownership interest in NBF and his
     status as an officer of both LEF and NBF.

          Malek and Cooperstock have consented, without admitting or denying the
     allegations in the Complaint, to the entry of a Final Judgment and Order of
     Permanent Injunction which will enjoin them from future violations of
     Sections 5(a), 5(c) and 17(a) of the Securities Act and Sections 10(b),
     15(a) and 15(c) of the Exchange Act and Rules 10b-5 and 15c1-2 thereunder. 
     The Final Judgment will not order Cooperstock to pay a civil penalty,
     pursuant to Section 21(d) of the Exchange Act, based on his demonstrated
     inability to pay.  In April 1997, A U.S. District Court judge sentenced

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     Malek to 42 months imprisonment and ordered him to pay $11 million in
     restitution to LEF investors.  Malek had previously pled guilty to one
     count of mail fraud in connection with his LEF activities.


















































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