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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

LITIGATION RELEASE NO. 14660 / September 29, 1995 

SEC v. Jerome E. Pinckney, Richard L. Arnold, Donald E. Elder,
Fernando Cruz, Shaun K.R. Maxwell, Anthony Bukovich, Jr., and Six
Capital Corporation, Civil Action No. 7:95-CV-122-BR(1)
(E.D.N.C.)

     The Securities and Exchange Commission announced the filing
of a complaint on August 24, 1995 in the United States District
Court for the Eastern District of North Carolina seeking
preliminary and permanent injunctions and other equitable relief
against Jerome E. Pinckney of Wilmington, North Carolina, Richard
L. Arnold of Raleigh, North Carolina, Donald E. Elder of Hilton
Head, South Carolina, Fernando Cruz of Linden, New Jersey, Shaun
K.R. Maxwell of Auburn, Washington, Anthony Bukovich, Jr. of
Tampa, Florida, and Six Capital Corporation, a Florida
corporation, for violations of the antifraud provisions of the
federal securities laws.

     The complaint alleges that from at least April 1994 to
September 1994, the defendants defrauded investors by making
numerous misrepresentations and omissions of material fact in
connection with the offer of two investment contracts based on
the purchase and sale of so-called "prime bank securities."  The
complaint alleges that the first offer promised investors a 9%
weekly return, guaranteed by a top five United States bank or
trust, and required a $10 million minimum investment which would
remain 100% safe in the investors' bank account.  The complaint
further alleges that several defendants offered a second prime
bank investment requiring an $870,000 minimum investment which
was purportedly to be used to purchase and sell discounted, $1
million guarantees issued by the top fifteen banks in western
Europe.  The second offer, which was interrupted by the staff's
investigation, promised that the bank guarantees would be resold
to a major U.S. brokerage firm for no less than $925,000.  In
both schemes, investors were asked to execute a Limited Power of
Attorney providing access to their funds.

     The Honorable W. Earl Britt, United States District Judge
for the Eastern District of North Carolina, has scheduled a
hearing on the Commission's applications for October 3, 1995, at
1:00 p.m.