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                SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.


LITIGATION RELEASE No. 14899 / May 2, 1996 

SECURITIES AND EXCHANGE COMMISSION V. RAEJEAN S. BONHAM, WORLD
PLUS, INC. AND ATLANTIC PACIFIC FUNDING CORPORATION, Civil Action
No. F96-0023(HRH)(Alaska, Apr. 26, 1996)

     The Securities and Exchange Commission today announced the
filing of a Complaint in the United States District Court for the
District of Alaska against Raejean S. Bonham, World Plus, Inc.
and Atlantic Pacific Funding Corporation (collectively,
"defendants") alleging violations of Sections 5(a), 5(c) and
17(a) of the Securities Act of 1933, Sections 10(b) and 15(a) of
the Securities Exchange Act of 1934 and Rule 10b-5 promulgated
thereunder.  In its Complaint, the Commission seeks a permanent
injunction against the defendants and disgorgement plus
prejudgment interest.

     According to the Complaint, the action involves the
fraudulent offer and sale of unregistered securities by
defendants.  From 1989 through December 1995, defendants
solicited investors to purchase high yield (20% and 50%), short
term (six to eight month) "contracts" issued by World Plus and
Atlantic.  Defendants offered and sold approximately $50 million
of these contracts (including the roll-over of "matured"
contracts) to more than 1,192 investors.  

     In connection with the offer and sale of these securities,
the Complaint alleges that the defendants violated the antifraud
provisions of the federal securities laws by misrepresenting
that: (a) defendants used investor funds to purchase blocks of
frequent flyer airline miles for resale in connection with their
frequent flyer ticket business; and (b) investors' principal
investments were "bonded," "insured" and/or "guaranteed."  In
fact, the Complaint alleges that defendants used investor funds
primarily to repay other investors when their contracts became
due and that defendant Bonham misappropriated a portion of
investor proceeds for personal use.  The Complaint further
alleges that the defendants failed to register the securities as
required and that defendant Bonham illegally operated as an
unregistered broker-dealer.