UNITED STATES SECURITIES AND EXCHANGE COMMISSION

          LITIGATION RELEASE NO.  15869 / September 2, 1998

          Securities  and  Exchange  Commission  v. Scott B. Walker, Equity
          Management  Services, Scott L. Simpson, and  Zappa  International
          Corporation, Civil Action No. 98-CV-213-B (USDC Wyo.)

          The Commission  announced  today  that  it  obtained an emergency
          restraining order prohibiting the fraudulent sale of interests in
          two  prime  bank-type  trading  programs  which  falsely  offered
          guaranteed returns up to 100 percent per year and  which  claimed
          to  be  sponsored  by  the  Federal Reserve and the International
          Monetary Fund.   The order, entered  September  1,  1998 by Judge
          Clarence  A.  Brimmer (D.C. Wyoming), included an order  freezing
          the assets of the  defendants  and  requiring the repatriation of
          assets.


          The  complaint  named  as defendants Scott  B.  Walker  (Walker),
          Equity Management Services (EMS), Scott L. Simpson (Simpson), and
          Zappa International Corporation  (Zappa),  and alleged that since
          February 1998 to the present, the  defendants  had  engaged  in a
          fraudulent  prime bank investment scheme in which they guaranteed
          high rate of  return  and falsely represented that the investors'
          principal was fully secured  by  a top European Bank and that the
          programs  were  implemented  through   traders  licensed  by  the
          International Monetary Fund.  The Commission  alleged that Walker
          and EMS, both located in Afton, Wyoming, failed  to  disclose the
          use  of  investor  funds  to pay solicitation fees to others  who
          referred the investor and to  make  "Ponzi"  payments  to earlier
          investors  who  sought  the  return  of  their  investment.   The
          complaint  also  alleged  that  Simpson  and  Zappa,  located  in
          Richmond,  Texas,  offered  interests  in the Zappa International
          Asset  Management  Program  which  would  generate   returns  for
          investors  of 25 percent per month.  The Commission alleged  that
          materials regarding  the  Zappa  program also were distributed by
          Walker and EMS.  The Zappa program,  according  to the complaint,
          falsely  stated  that  the program was sponsored by  the  Federal
          Reserve and the International  Monetary Fund and that the program
          was  guaranteed by a "top world bank."   The  Commission  alleged
          that through  their false and misleading statements, Walker, EMS,
          Simpson and Zappa  violated  the  antifraud  provisions,  Section
          17(a)  of  the  Securities  Act  of 1933 and Section 10(b) of the
          Securities and Exchange Act of 1934 and Rule 10b-5 thereunder.

          Judge Brimmer also ordered a freeze  upon all assets derived from
          the fraudulent conduct of Walker, EMS,  Simpson and Zappa held by
          the relief defendant Eagle Vision Holdings,  Inc.  of Washington.
          The Commission requested the emergency action to prevent  Walker,
          EMS,   Simpson,  Zappa  and  Eagle  Vision  Holdings,  Inc.  from
          transferring or liquidating any funds.

          The Commission  wishes  to thank the Wyoming Secretary of State's
          Securities Division for its assistance in this matter.