SECURITIES AND EXCHANGE COMMISSION
     Washington, D.C.
 
     Litigation Release No. 15752  /  May 21, 1998
                                                     

     Securities and Exchange Commission v. Stewart, et al., Civil Action 
     No. 98 CIV 2636  (S.D.N.Y.)
                                                                                                      

         The Securities and Exchange Commission announced that the Honorable Loretta
     A. Preska of the United States District Court of the Southern District of
     New York has entered a final judgment against George Wallace Stewart in SEC
     v. Stewart, et al., Civil Action No. 98 CIV 2636 (LAP)(S.D.N.Y.).  On April
     14, 1998, the Commission filed a complaint alleging as follows:  Stewart
     along with four other individuals and five related entities fraudulently
     obtained more than $1.7 million, from at least three individuals, by
     offering and selling securities in the form of participations in investment
     programs purportedly to trade  prime bank  instruments.  The investment
     programs were scams, the instruments themselves bogus.  Instead of using
     the money as promised, Stewart and the other defendants misappropriated the
     investors  funds for their own benefit, transferring portions of the money
     to at least one individual and three entities, who were named as relief
     defendants.  By participating in this fraudulent investment scheme, Stewart
     and the other defendants violated the antifraud provisions of the federal
     securities laws.

     Stewart consented, without admitting or denying the allegations in the
     complaint, to the entry of the final judgment, which permanently prohibits
     him from violating Section 17(a) of the Securities Act of 1933 and Section
     10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. 
     The final judgment waives disgorgement and civil money penalties were not
     imposed against Stewart based on his demonstrated inability to pay. 

     Litigation continues as to the remaining nine defendants and four relief
     defendants.

















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