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SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 14673 / October 2, 1995 

SEC v. Robert Cord Beatty, Leroy Max Campbell, Lyle John Boss,
Leslie John Gray, and Thelma Mae Cannon Caliebe, Civil Action No.

2:95CV 0886S (USDC UT).

The Securities and Exchange Commission announced the filing of a
complaint in the United States District Court for the District of
Utah on September 25, 1995, seeking permanent injunctive relief,
civil penalties, and disgorgement against Robert Cord Beatty,
Leroy Max Campbell, Lyle John Boss, Leslie John Gray, and Thelma
Mae Cannon Caliebe.  The defendants are alleged to have offered
and sold "prime bank" instruments which they represented as being
"risk free" and which would earn the investors 10 percent to 25
percent profit per month.

The Commission's complaint alleges that from February 1992 until
February 1993, the defendants, individually and through various
entity names, offered and sold a fraudulent investment for which
funds were raised from investors purportedly to buy and sell
putative "prime bank" instruments such as documentary letters of
credit, standby letters of credit, prime bank notes, or prime
bank guarantees issued from the "top 100 world banks."  

The complaint also alleges that in connection with the offer and
sale of these instruments, the defendants falsely represented
that the transactions were "risk free."  Beatty, Campbell, Boss,
Gray and Caliebe received at least $2 million from investors.  In
fact, there is no such instrument as a "prime bank note" and no
prime bank instruments have been purchased.  Instead, according
to the complaint, the defendants diverted the funds to their own
uses without informing the investors.

As a result of this activity, the complaint alleges, Beatty,
Campbell, Boss, Gray, and Caliebe have violated the registration
and antifraud provisions of the federal securities laws.  



















                       NEWS DIGEST SUMMARY

COMPLAINT FOR PERMANENT INJUNCTION FILED AGAINST ROBERT CORD
BEATTY, LEROY MAX CAMPBELL, LYLE JOHN BOSS, LESLIE JOHN GRAY, AND
THELMA MAE CANNON CALIEBE

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     The Commission filed a complaint in the United States
District Court for the District of Utah on September 25, 1995,
against Robert Cord Beatty, Leroy Max Campbell, Lyle John Boss,
Leslie John Gray, and Thelma Mae Cannon Caliebe.  
     The Commission's complaint alleges violations of the
registration and antifraud provisions of the federal securities
laws in connection with the offer and sale of nonexistent prime
bank instruments such as documentary letters of credit, standby
letters of credit, prime bank notes, or prime bank guarantees,
issued from the "top 100 world banks."  According to the
complaint, the defendants falsely represented that the
transactions were "risk free" and would earn a return of 10
percent to 25 percent monthly. The complaint alleges that
instead, the defendants diverted most of the $2 million raised
from investors to their own uses without informing the investors.
     The complaint seeks permanent injunctive relief,
disgorgement and civil monetary penalties.  [SEC v. Robert Cord
Beatty, et al. (USDC UT, Civil Action No. 2:95CV 0886S)]
Attorney to contact:  Thomas M. Melton
                      Salt Lake District Office
Telephone:            (801) 524-5796