UNITED STATES SECURITIES AND EXCHANGE COMMISSION

             LITIGATION RELEASE NO.  15944  / October 23, 1998

             SECURITIES AND EXCHANGE COMMISSION v. UNIQUE FINANCIAL
             CONCEPTS, INC., ET AL.,  Civil Action No. 98-7147 (S.D.
             Fla.)

                  The Securities and Exchange Commission announced that,
             on October 22, 1998, the Honorable Shelby Highsmith,
             District Judge, United States District Court for the
             Southern District of Florida, entered a Temporary
             Restraining Order ("TRO") against Unique Financial Concepts,
             Inc. ("Unique"), of Boca Raton, Florida; Frederick N.
             Hollander, Unique's founder and sales manager, who lives in
             Parkland, Florida; Ernest J. Patti, another founder, as well
             as president and owner, a resident of  Fort Lauderdale,
             Florida; and Nicholas D. DeAngelis, Unique's primary
             salesperson, who lives in Lake Worth, Florida.  The
             defendants were charged with fraudulently offering
             unregistered securities, namely interests in a purported
             trading program involving options on foreign currency.  The
             TRO also freezes the defendants' assets and grants other
             emergency relief, including an order requiring them to
             repatriate assets located outside of the United States.  A
             preliminary injunction hearing is scheduled for October 30,
             1998.

                  The Commission's complaint, filed the same day, alleges
             that, from October 1997 through the present, the defendants
             have engaged in a scheme to defraud investors by making
             material misrepresentations and omissions in connection with
             the sale of interests in a purported trading program
             involving options on foreign currency through a foreign
             currency market known as Forex, and misappropriating
             investor funds.  Through high-pressure sales tactics and
             aggressive nationwide advertising in major newspapers and on
             cable television outlets such as CNBC,  the defendants have
             raised at least $6,575,714 from hundreds of investors
             nationwide.  The complaint alleges that Unique has failed to
             produce evidence of any actual trading, and that the
             defendants have misappropriated at least 60 percent of funds
             invested.

                  The complaint alleges that the defendants advertised
             returns as high as 1,000 percent, and represented to
             investors that their funds would be sent to an account in
             the Bahamas from which trading would occur.  In fact, of the
             approximately $6.5 million raised, less than $2.5 million,
             or 38 percent, was actually sent to the Bahamas.  The
             defendants used at least $3.3 million of investor funds on
             personal and business expenses, including advertising,
             luxury car rentals, purported commissions, loans to
             principals and salaries.  In addition, Unique used $644,704
             of new investor funds to pay its obligations to existing
             investors, the hallmark of a Ponzi scheme.

                  The TRO temporarily enjoins the defendants from
             violating the antifraud provisions of Section 17(a) of the
             Securities Act of 1933 ("Securities Act") and Section 10(b)
             of the Securities Exchange Act of 1934 and Rule 10b-5
             thereunder, as well as the registration provisions of
             Sections 5(a) and 5(c) of the Securities Act.  The
             Commission is also seeking  preliminary and permanent
             injunctions against the defendants, disgorgement,
             prejudgment interest and civil penalties.

                  The Commission acknowledges the assistance of the
             Commodity Futures Trading Commission and the Office of
             Comptroller, Department of Banking and Finance, of the State
             of Florida in this action.