==========================================START OF PAGE 1======

         UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Litigation Release No. 15035 / September 5, 1996

United States v. Robert J. Bretschneider
(United States District Court for the Eastern District of
Pennsylvania Criminal No. 96-387)

     On August 28, 1996, Michael R. Stiles, United States
Attorney for the Eastern District of Pennsylvania announced a 50
count indictment against Robert J. Bretschneider
("Bretschneider") for mail and wire fraud and money laundering in
connection with a scheme to defraud investors in five limited
partnerships he had formed and managed since 1989.  The press
release acknowledged that the charges resulted from the combined
investigative efforts of the Philadelphia District Office of the
United States Securities and Exchange Commission ("SEC") and the
Lansdale, Pennsylvania Office of the Federal Bureau of
Investigation.

     The indictment charges that Bretschneider collected more
than $2.1 million from 60 investors of his limited partnerships
for the purpose of investing in real estate ventures.  The
indictment further alleges that Bretschneider defrauded investors
of his limited partnerships by failing to make promised
investments and misappropriating investor funds for his personal
use.  Investors lost in excess of $1 million as a result of the
scheme.