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United States Securities and Exchange Commission

Litigation Release No. 14745 \ December 5, 1995

SEC v. PAUL N. MOBLEY, JR., P.N. MOBLEY & CO., GARY R. DETTLOFF
AND THOMAS S. DRYSDALE, (E.D. Mich., No. 94 CV 70616, filed
February 17, 1994).

     The Commission announced that on November 29, 1995, the
Honorable Bernard Friedman of the U.S. District Court for the
Eastern District of Michigan entered, by consent, an Order of
Permanent Injunction and Other Equitable Relief against Gary R.
Dettloff (Dettloff).  The order permanently enjoined Dettloff
from future violations of Section 17(a) of the Securities Act of
1933 and Section 10(b) of the Securities Exchange Act of 1934 and
Rules 10b-5 and 10b-9 thereunder.  The order also required
payment of disgorgement by Dettloff in the amount of $112,107.10
and prejudgment interest in the amount of $17,667.77, to be paid
over a two year period, and did not impose civil penalties based
on his demonstrated inability to pay.    

     The Complaint filed in this action alleged that from March
1991 to April 1992, Paul N. Mobley, Jr. (Mobley), acting through
P.N. Mobley & Co. (Mobley & Co.), promoted a limited partnership
offering for the Pensacola Limited Partnership and Cantonment
Limited Partnership.  These partnerships, which collectively
raised at least $766,000 from 44 investors, were formed to
purchase specific convenience stores.  In connection with these
offerings, the Complaint alleged that Mobley, Mobley & Co, and
Dettloff, the general partner of the partnerships,
misappropriated investor funds and misrepresented and omitted to
state material facts to investors concerning the intended use of
investor proceeds, the all-or-none safeguards of the offerings,
the use of escrow bank accounts, Mobley's undisclosed control of
the partnerships and Mobley's criminal background.