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                SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.

LITIGATION RELEASE NO. 15090 / September 30, 1996

SECURITIES AND EXCHANGE COMMISSION v. M.T.L. INTERNATIONAL
FINANCE INC., ET AL., 96 Civ. 7412 (RWS) (S.D.N.Y.)  

     On September 30, 1996, the Commission filed a complaint in
the United States District Court for the Southern District of New
York seeking injunctive and other equitable relief against M.T.L.
International Finance Inc., Equity Action Inc., John K. Robinson,
Leon Howard and Harry Walker.  The Commission's complaint alleges
that from December 1992, until at least April 1994, the
defendants engaged in a scheme to defraud investors by offering
and selling securities in the form of purported guaranteed
insurance contracts ("GICs"), which they falsely claimed were
issued and guaranteed by a consortium of European insurance and
reinsurance companies.  The complaint alleges that the GICs did
not exist.  The complaint also alleges that the defendants
promised prospective investors returns at an annualized rate of
almost 840% for investing in the GICs, and that the defendants
had no authority to act on behalf of the purported issuers and
guarantors of the GICs for any purpose whatsoever.  At least five
investors lost approximately $712,000 as a result of the GIC
scheme.  The complaint alleges that the defendant's conduct
violated the antifraud provisions of the federal securities laws.

     In addition, the complaint alleges that M.T.L. International
Finance Inc. and Robinson violated Section 207 of the Investment
Advisers Act of 1940 by willfully filing a false registration
form with the Commission in an attempt to register M.T.L.
International Finance as an investment adviser.  Specifically,
the complaint alleges that the false registration statement
included a balance sheet listing assets totalling in excess of
$62 million.  According to the complaint, the balance sheet was
false and misleading in that M.T.L. International Finance did not
then have, nor had it ever had, assets in excess of $10,000.  

     The Commission also instituted related administrative
proceedings against Stires & Co., Inc., Sidney H. Stires, Curtis
Lynch, and David Hollander for their roles in offering and
selling the non-existent GICs that are the subject of the civil
action.  The administrative proceedings allege violations of the
antifraud and broker-dealer registration provisions of the
federal securities laws.  Without admitting or denying the
allegations, Lynch and Hollander have consented to the entry of
an Order by the Commission which finds such violations and
requires disgorgement of profits, but waives payment of the
disgorgement based on their demonstrated financial conditions.  A
hearing will be scheduled to determine what, if any, remedial
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action is appropriate in the public interest against Stires & Co.
and Sidney Stires.

(See also Administrative Proceeding Files 3-9120 and 3-9121).