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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Litigation Release No. 14887 / April 22, 1996

SECURITIES AND EXCHANGE COMMISSION v. CROSS FINANCIAL SERVICES,
INC., OWEN R. FOX, CARROLL E. SIEMENS, BRUCE FRANKLIN, MICHAEL J.
COLELLO AND DOUGLAS S. CROSS, Civil Action No. 94-4228 RAP(Ex)
(C.D. Cal. June 23, 1994).

     The Securities and Exchange Commission announced that on
April 12, 1996, it filed an ex parte application for an order to
show cause why Defendant Michael J. Colello ("Colello") should
not be adjudged in civil contempt for his failure to comply with
a March 26, 1996 order of the U.S. District Court for the Central
District of California requiring Colello to repatriate all of his
foreign assets and to sign letters directed to Swiss officials
and banks in connection with the ordered repatriation.  The Court
had previously ordered Colello, a nominal defendant in the
Commission's civil enforcement action, to disgorge over $2.6
million dollars.  For further information see LR-14135, LR-14173,
LR-14182, LR-14649, LR-14715, LR-14728, LR-14763 and LR-14824.