Lewis Allen Rivlin, Edwin Earl Huling III, and Alfred Huascar Velarde, as defendants; and Z-Finance, S.A., Anthony P. Zioudas, Hedley Finance Ltd., Christian Dante, and Chrysanthos Chrysostomou, as relief defendants

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

Litigation Release No. 16593 / June 15, 2000

SECURITIES AND EXCHANGE COMMISSION v. LEWIS ALLEN RIVLIN, EDWIN EARL HULING III, AND ALFRED HUASCAR VELARDE, AS DEFENDANTS; AND Z-FINANCE, S.A., ANTHONY P. ZIOUDAS, HEDLEY FINANCE LTD., CHRISTIAN DANTE, AND CHRYSANTHOS CHRYSOSTOMOU, AS RELIEF DEFENDANTS, Civil Action No. 99-1455 (RCL) (U.S. District Court for the District of Columbia)

The Securities and Exchange Commission ("Commission") announced today that on June 9, 2000, the Honorable Royce C. Lamberth of the United States District Court for the District of Columbia entered final judgments against relief defendants Z-Finance, S.A. ("Z-Finance"), Anthony P. Zioudas ("Zioudas"), Hedley Finance, Ltd. ("Hedley Finance"), Christian Dante ("Dante") and Chrysanthos Chrysostomou ("Chrysostomou"). Z-Finance and Zioudas were ordered to pay $1,739,000 in disgorgement plus prejudgment interest; Hedley Finance, Dante and Chrysostomou were ordered to pay $4,500,00 in disgorgement plus prejudgment interest. Final judgments were entered against Z-Finance on the pleadings, against Hedley Finance and Dante by default, and against Chrysostomou as a sanction for failing to provide discovery. Judge Lamberth also entered a limited asset freeze against Z-Finance and Zioudas and defendant Lewis A. Rivlin ("Rivlin"), which directed that they hold and retain funds obtained from the Fundacion Perez Pallares, an Ecuadorian charity for underprivileged girls, or, in the alternative, transfer such funds into the Court's registry.

The Commission's enforcement case remains pending against defendants Rivlin and Edwin E. Huling III (see also Litigation Releases No. 16389 (Dec. 13, 1999) and 16179 (June 8, 1999)).