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             U.S. SECURITIES AND EXCHANGE COMMISSI0N


Litigation Release No. 15173 / December 3, 1996 

SECURITIES AND EXCHANGE COMMISSION v. MICHAEL CARNICLE, MICHAEL
HANSEN, WILLIAM STRAUGHAN, RANDY GLAD, LIONEL REIFLER, HOWARD RAY
and ARIE FROM, Civil Action No. 1:95-CV-0110C (D. Utah).

     The Securities and Exchange Commission ("Commission")
announced that on November 21, 1996, Judge Tena Campbell of the
United States District Court for the District of Utah issued
Final Judgments of Permanent Injunction by Default against
defendants Randy Glad ("Glad") and Howard Ray ("Ray") enjoining
them from future violations of the antifraud provisions of the
federal securities laws.  The Court also enjoined Glad from
future violations of the affiliated transaction and antitheft
provisions of the Investment Company Act of 1940.  Additionally,
the Court enjoined Ray from future violations of the federal
margin regulations.  

     The Commission's Complaint alleges that, from December 1991
through mid-March 1992, Glad, Ray and five other defendants
attempted to use shares of two new registered investment
companies known as Public Funding Portfolios, Inc. and American
Vision Funds, Inc. (the "Funds") as collateral for millions of
dollars of margin loans from securities brokerage firms
nationwide with knowledge that the publicly quoted net asset
values for the shares in the Wall Street Journal and other
newspapers had been grossly inflated.  

     The Commission's Complaint alleges that the defendants
became shareholders of the Funds by selling grossly overvalued
assets to the Funds.  These unmarketable assets, with a total
purported value of $165 million, consisted of stock and
promissory notes issued by shell corporations and nonexistent
shares of a Liechtenstein trust.  The Complaint further alleges
that after infusing these essentially worthless assets into the
Funds, the defendants, while seeking margin credit,
misrepresented material facts to brokerage firms concerning,
among other things, the net asset values for the Funds' shares
and the liquidity of the Funds' assets.

     The Funds were based in Los Angeles, California prior to
their dissolution by court order on March 31, 1992, in an action
brought by the Commission.  Securities and Exchange Commission v.
Public Funding Group, Inc., V. Thayne Whipple II, American Vision
Funds, Inc. and Public Funding Portfolios, Inc., Civil Action No.
92-1646 WDK (EEx) (C.D. Cal.).




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             U.S. SECURITIES AND EXCHANGE COMMISSI0N
                     PACIFIC REGIONAL OFFICE
                     LOS ANGELES, CALIFORNIA

For Immediate Release

NEWS DIGEST

FINAL JUDGMENTS OF PERMANENT INJUNCTION BY DEFAULT ENTERED
AGAINST RANDY GLAD AND HOWARD RAY  

     The Securities and Exchange Commission (Commission)
     announced that on November 21, 1996, U.S. District Judge
     Tena Campbell issued Final Judgments of Permanent Injunction
     by Default against defendants Randy Glad (Glad) and Howard
     Ray (Ray).  

     Specifically, the Court enjoined Glad and Ray from future
     violations of Section 17(a) of the Securities Act and
     Section 10(b) of the Exchange Act and Rule 10b-5 thereunder.

     Additionally, the Court enjoined Glad from future violations
     of the affiliated transaction and antitheft provisions of
     Sections 17(a)(1) and 37 of the Investment Company Act of
     1940 and enjoined Ray from future violations of margin
     provisions of Section 7(f) of the Exchange Act and
     Regulation X. 

     The Commission's Complaint alleges that, from December 1991
     through mid-March 1992, Glad, Ray and five other defendants
     violated the federal securities laws by:  (1) selling
     unmarketable securities with a total purported value of $165
     million to two new registered investment companies known as
     Public Funding Portfolios, Inc. and American Vision Funds,
     Inc. (the "Funds") without disclosing that those securities
     were grossly overvalued; and (2) attempting to use shares of
     the Funds as collateral for millions of dollars of margin
     loans from brokerage firms nationwide with knowledge that
     the publicly quoted net asset values for the shares had been
     grossly inflated.  Securities and Exchange Commission v.
     Michael Carnicle, Michael Hansen, William Straughan, Randy
     Glad, Lionel Reifler, Howard Ray and Arie From, Civil Action
     No. 1:95-CV-0110C (D. Utah).
  
Ron Wood
Pacific Regional Office
(213) 965-3833