SECURITIES AND EXCHANGE COMMISSION

          LITIGATION RELEASE No. 16093 / March 22, 1999

          SECURITIES  AND  EXCHANGE  COMMISSION  v.  DAVID COTTRILL (United
          States District Court for the District of Massachusetts,  MBD No.
          99-10096)

          The  Securities and Exchange Commission ("Commission")  announced
          that the  U.S.  District  Court for the District of Massachusetts
          has granted the Commission's  application  for  enforcement of an
          investigative  subpoena and ordered a broker for a  Massachusetts
          brokerage firm to  answer  questions  about  possible  fraud  and
          forgery  in  his dealings with an elderly investor.  According to
          the Commission's  court filing, broker David Cottrill had refused
          to answer questions  about  his  dealings  with the investor when
          subpoenaed  to  give testimony in a Commission  investigation  of
          mutual fund sales practices.

          According to the  Commission's application for enforcement of its
          subpoena  to  Cottrill,   Cottrill   refused  to  answer  certain
          questions  because he claimed to be the  subject  of  a  criminal
          investigation  arising  from  his dealings with the investor.  He
          further claimed that he should  not  be  required  to  assert his
          Fifth   Amendment   privilege   against  self-incrimination  when
          questioned but instead be allowed  to provide no response at all.
          The  court granted the Commission's application  to  enforce  its
          subpoena  against  Cottrill  and  ordered  him  to  appear at the
          Commission's  Boston  office  and  respond  to  questions by  the
          Commission staff.