U.S. SECURITIES AND EXCHANGE COMMISSION


          LITIGATION RELEASE NO.  15977 / November 17, 1998

          SECURITIES AND EXCHANGE COMMISSION V. STEPHEN J. MURPHY
          Civil Action No. CV 97-2719 JMI (CWx) (C.D. Cal.)

               The Securities and Exchange Commission ("Commission")
          announced that on September 29, 1998, the Honorable Terry J.
          Hatter, Chief United States District Judge, entered a final
          judgment against Stephen J. Murphy ("Murphy") permanently
          enjoining him from violating the antifraud provisions of the
          federal securities laws.  The final judgment also sets
          disgorgement of Murphy's ill-gotten gains at $377,500 and pre-
          judgment interest thereon at $48,551 but waives payment of these
          amounts, and does not impose civil penalties, based upon Murphy's
          demonstrated inability to pay.

               In its Complaint, the Commission alleges that Murphy offered
          and sold limited partnership interests through a Los Angeles
          company doing business as ATM Global, Inc..  The Commission
          alleges that, in offering and selling the limited partnership
          interests to investors, Murphy misrepresented his identity by
          using the aliases "Jack Davis," "Gregg Davis" and "Mike Fox."
          Furthermore, Murphy failed to disclose the entry of, and the
          terms of, a 1994 Final Judgment entered against him in an earlier
          Commission action enjoining him from future fraud and
          registration violations of the federal securities laws.  SEC v.
          American Capital Investments, et al., Civil Case No. CV-93-5280
          CBM (JRx)(C.D. Cal.)(Lit Rel. No. 14185).  In that case, the
          Commission alleged that Murphy fraudulently offered and sold
          investments in real estate ventures.  Murphy also failed to
          disclose that, in 1994, the Commission had revoked his
          registration as an investment adviser and barred him from the
          securities industry.  Murphy further failed to disclose that
          another company he owned and managed, American Capital
          Investments, Inc., was placed into receivership.

               The final judgment enjoins Murphy from future violations of
          Section 17(a) of the Securities Act of 1933, Section 10(b) of the
          Securities Exchange Act of 1934 and Rule 10b-5 thereunder.
          Murphy consented to the entry of the final judgment without
          admitting or denying the Commission's allegations.