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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION


LITIGATION RELEASE NO. 15349 / April 24, 1997

UNITED STATES OF AMERICA v. WILLIAM DENNIS BROSSEAU, et al.
3:96CR-315-ALL, ND/TX (Dallas Division)
            
     The Securities and Exchange Commission and the United States
Attorney for the Northern District of Texas announced that on
April 21, 1997, in Dallas, Texas, Charles E. Rose, a salesman for
Offshore Financial Corporation ("Offshore"), entered a guilty
plea to one count of concealing a felony. Previously, William D.
Brosseau and Kenneth W. McKay each pleaded guilty to securities
fraud in connection with their operation of Offshore. The
indictments had charged Brosseau and McKay with operating a
telephone boilerroom, lying to investors about revenue
projections, and misusing investor money. 

     The charge against Rose carries a maximum penalty of three
years' imprisonment; however, Rose may be granted probation for
cooperating with government investigators.

     The criminal charges are based on the same activities
alleged in a civil injunctive action brought by the Commission on
September 20, 1996. The Commission's complaint alleged that
Brosseau, McKay, and others, fraudulently raised nearly $8
million from at least 200 investors in 28 states for the purpose
of investing in oil and gas wells. 

     The Commission and the United States Attorney's Office
acknowledges the assistance of the Texas State Securities Board
in this matter.