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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 14697 / October 24, 1995

SEC v. Bradley S. Hill,  (U.S.D.C. N.D. Illinois, Civil Action
No. 95C5240, filed September 13, 1995)

     The Securities and Exchange Commission ("Commission")
announced that on September 28, 1995, the Honorable Charles R.
Norgle, U.S. District Judge for the Northern District of
Illinois, entered a Final Judgment and Order of Permanent
Injunction ("Order") against Bradley S. Hill ("Hill") of Chicago,
Illinois, which enjoins Hill from further violations of Section
17(a) of the Securities Act of 1933.  Hill misrepresented his
association with Lloyd's of London ("Lloyd's") in the offer of
securities.  Hill consented to the entry of the Order against him
without admitting or denying the allegations contained in the
Complaint.  No civil penalties were imposed based upon Hill's
demonstrated inability to pay.

     The Complaint alleges that from August 1994 to October 1994,
Hill made material misrepresentations while soliciting
approximately 3569 publicly traded companies in the United States
to purchase unregistered preferred stock and debentures of
Formula Management Services, Inc. ("FMS").  Hill solicited the
companies by facsimiles, which included a cover letter printed on
letterhead with the Lloyd's name at the top.  Hill was not
employed, associated with or otherwise entitled to use the
Lloyd's name in the letterhead. 

     The Complaint also alleges that representatives from fifty
companies contacted Hill in response to his solicitations
regarding the sale of FMS securities.  The Complaint further
alleges that recipients who called in response to the
solicitation assumed some relationship with Lloyd's and that Hill
referred twenty-two of those representatives to his two Canadian
contacts for FMS.