UNITED STATES SECURITIES AND EXCHANGE COMMISSION

          Litigation Release No.    15878  /  September 10, 1998

          Securities  and  Exchange  Commission Obtains Order Setting Civil
          Penalties Against Fernando Cruz


          The Securities and Exchange  Commission  announced today that the
          Honorable  W. Earl Britt, United States District  Judge  for  the
          Eastern District  of  North  Carolina  entered  an  Order Setting
          Penalties against defendant Fernando Cruz ("Cruz") in  the amount
          of  $5,000  arising  from  violations  of  Section  17(a)  of the
          Securities  Act  of  1933.   Defendant  Cruz  and five of his six
          codefendants were permanently enjoined from further violations of
          the securities laws in prior orders of the Court.  The Commission
          did  not  seek disgorgement from any of the defendants,  and  the
          Court declined to impose civil penalties against defendants other
          than Cruz.