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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 15195 /  December 19, 1996

UNITED STATES OF AMERICA v. LYNN ROY OYLER, 1:96CR 0042J
(D. Utah)

     The Securities and Exchange Commission announced that on
December 11, 1996, Lynn Roy Oyler pled guilty in United States
District Court in Salt Lake City, Utah, to one count of wire
fraud in violation of 18 U.S.C.  1343, and one count of failure
to file a federal income tax return in violation of 26 U.S.C. 
7203.  

     The indictment charged that Oyler, beginning in
approximately July 1991 and continuing through approximately
February of 1993, devised a fraudulent scheme whereby he, through
Interfirst Equities Corporation, World Income Trust and Delta
Star Corporation, offered and sold investments in what was termed
a "roll program" or letter of credit program, falsely
representing to investors that, among other things, (1) the
program was highly lucrative for investors; (2) the program was
highly leveraged and would offer a high rate of return of up to
25% per month; (3) the investors' funds would be combined with
other funds and deposited into a transaction account held with an
international bank which was handling the transaction; (4) the
investors' funds would be leveraged four times; and (5) there was
an ongoing relationship with several "prime banks" and the
instruments purchased and leveraged would be scrutinized by two
separate banking entities prior to each transaction.  The
indictment further charges that investors were told that the
program was generating a return for them when Oyler was in fact
using funds to pay off the earlier investors in the manner of a
pyramid scheme.  The scheme caused approximately 260 investors to
lose approximately $3 million.

     The above scheme ended on or about March 1, 1993, when the
Commission filed a civil injunctive action, obtaining a Temporary
Restraining Order, an asset freeze and other relief against
Oyler.  Oyler was permanently enjoined from violating the
antifraud provisions of Section 17(a) of the Securities Act and
Section 10(b) and Rule 10b-5 of the Securities Exchange Act as
well as the registration provisions of Sections 5(a) and 5(c) of
the Securities Act, pursuant to his consent, on October 19, 1994.

Securities and Exchange Commission v. Lynn R. Oyler, Delta Star
Corporation, Bowen Bo Wagner, Interfirst Equities Corporation and
Fortune Plus Management Company, Civil Action No. 93-NC 033S (D.
Utah).  See LR 13548 (March 4, 1993); LR 13562 (March 16, 1993);
LR 13720 (July 21, 1993); LR 13874 (November 15, 1993).
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NEWS DIGEST 

LYNN ROY OYLER PLEADS GUILTY IN PRIME BANK SCHEME

     The Securities and Exchange Commission announced that on
December 11, 1996, Lynn Roy Oyler pled guilty in United States
District Court in Salt Lake City, Utah, to one count of wire
fraud and one count of failure to file a federal income tax
return.  

     The indictment charged that Oyler, from July 1991 through
February 1993, offered and sold investments in a "roll" or letter
of credit program, falsely representing that:  the program
offered a rate of return of up to 25% per month; investors' funds
would be deposited into an account held with an international
bank; there was an ongoing relationship with several "prime
banks" and the instruments purchased and leveraged would be
scrutinized by two separate banking entities prior to each
transaction; and the program was generating a return when Oyler
was in fact using funds to pay off earlier investors in the
manner of a pyramid scheme.  Approximately 260 investors lost
approximately $3 million.

     In connection with the same scheme, on October 19, 1994,
Oyler was permanently enjoined from violating the antifraud
provisions of Section 17(a) of the Securities Act and Section
10(b) and Rule 10b-5 of the Exchange Act and the registration
provisions of Sections 5(a) and 5(c) of the Securities Act,
pursuant to his consent.  Securities and Exchange Commission v.
Lynn R. Oyler, Delta Star Corporation, Bowen Bo Wagner,
Interfirst Equities Corporation and Fortune Plus Management
Company, Civil Action No. 93-NC 033S (D. Utah).  See LR 13548
(March 4, 1993); LR 13562 (March 16, 1993); LR 13720 (July 21,
1993); LR 13874 (November 15, 1993).
[United States Of America v. Lynn Roy Oyler, 1:96CR 0042J (D.
Utah)] (LR-   )

For further information contact:
Karen Matteson (213) 965-3840