UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 14859 / March 29, 1996         

SECURITIES AND EXCHANGE COMMISSION v. DENNIS LINDSAY HELLIWELL,
et al., 96 Civ. 1045, U.S.D.C., S.D.N.Y. (MP)

The Securities and Exchange Commission ("Commission") announced
that, on February 20, 1996, after a trial on the merits, Judge
Milton Pollack of the United States District Court, Southern
District of New York, issued permanent injunctions against Dennis
Lindsay Helliwell ("Helliwell) and The Helliwell Group Limited
("Helliwell Group").  The Court continued to freeze the
defendants' assets despite a motion by the defendants to lift the
Court's previous asset freeze.  The Court left the issue as to
the amount of disgorgement and civil penalties open.  The
Permanent Injunction Orders stem from a Complaint filed by the
Commission against the defendants on February 13, 1996, seeking,
among other things, injunctive relief, disgorgement and civil
penalties.

In granting the Commission's request for permanent injunctions
against the defendants, the Court made detailed Findings of Fact
and Conclusions of Law ("Findings").  As detailed in the
Findings, from in or before April 1995 through the present,
defendants Helliwell and the Helliwell Group raised at least
$2,580,000 from at least thirty investors for whom the defendants
were providing various financial services.  The Findings state
that Helliwell falsely told investors that he would invest their
funds at Marine Midland Bank ("Marine Midland") in a large "pool
of funds," where the investors would receive an 18%-20% return on
their investments.  The Findings further state that, in return,
Helliwell provided investors with notes which indicated that
their money was invested in this pool of money.  The Findings
also state that Helliwell never invested the investors' funds in
any "pool of funds" at Marine Midland.  Instead, Helliwell
misappropriated most of the investors' funds.

For further information, see Lit. Rel. No. 14816.