SECURITIES AND EXCHANGE COMMISSION


             LITIGATION RELEASE NO.  16019  / January 11, 1999

             SECURITIES  AND  EXCHANGE COMMISSION V. TODD J. LASCOLA, CPI
             INVESTMENT MANAGEMENT, INC., AND CPA ADVISORS NETWORK, INC.,
             Civil Action No. 98-610L (D.R.I.  December 29, 1998)

                  The Securities  and Exchange Commission announced that,
             on January 8, 1999, preliminary  injunctions were entered by
             consent against Todd J. LaScola ("LaScola"),  a  resident of
             Warwick,  Rhode  Island,  CPI  Investment  Management,  Inc.
             ("CPI"),  a registered investment adviser, and  CPA  Network
             Advisors, Inc.  ("CPA"),  a  registered  brokerage firm, for
             unauthorized transactions in, and misappropriated  of  funds
             from,  investment  advisory  clients  and brokerage customer
             accounts.

                  In the complaint that it filed on  December  29,  1998,
             the  Commission  alleged  that in November 1998 LaScola, the
             sole  owner of CPI and a principal  and  co-owner  of   CPA,
             diverted   approximately   $6.4  million  from  clients  and
             customer accounts to repay another client, the International
             Brotherhood  of Electrical Workers  ("IBEW"),  for  improper
             transactions in  the  IBEW's pension fund account.  The IBEW
             allegedly  had  threatened   action  against  LaScola  after
             discovering that LaScola had purchased  risky  and  illiquid
             promissory   notes   for  the  pension  fund  account.   The
             Commission further alleged that LaScola caused approximately
             eighteen customers and  clients  to  purchase  from the IBEW
             approximately  $2  million  of the promissory notes  without
             their consent or knowledge.   The Commission further alleged
             that LaScola repaid the other approximately  $4  million  to
             the  IBEW  by  making unauthorized transfers of funds to the
             IBEW  from  approximately   two  dozen  other  CPA  customer
             accounts and CPI clients.  In  addition  to the unauthorized
             transactions, the Commission alleged in its  complaint that,
             in  January  1998, LaScola had misappropriated for  his  own
             benefit $200,000  from  the  account  of one of his advisory
             clients.  The Commission charged all three  defendants  with
             violations  of  general  antifraud provisions of the federal
             securities laws -- i.e., 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  --  and LaScola and CPI also
             with violations of the general investment  adviser antifraud
             provisions  --  i.e.,  Sections  206(1)  and 206(2)  of  the
             Investment Advisers Act of 1940.

                  The preliminary injunctions, which were  entered by the
             Honorable  Ernest  Torres of the federal district  court  in
             Rhode Island, are essentially continuations of the emergency
             relief imposed in the  temporary  restraining order obtained
             by  the  Commission  upon  the  filing  of   its  complaint.
             Specifically, the court enjoined LaScola, CPI  and  CPA from
             violating the antifraud provisions of the federal securities
             laws and extended a freeze of the assets of LaScola and CPI.
             In addition, the court entered an order of receivership  for
             CPI  and  CPA.  In consenting to the preliminary injunctions
             and receivership orders, the defendants neither admitted nor
             denied the  allegations  in the Commission's complaint.   In
             addition to the relief already  obtained,  the Commission is
             seeking as to LaScola, CPI and CPA permanent injunctions and
             orders  requiring  disgorgement  of  ill-gotten   gains  and
             imposing    civil   monetary   penalties.    Moreover,   the
             Commission's investigation of this matter is continuing.

                  For further  information,  please  see prior Litigation
             Release No. 16012 (December 30, 1998).