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             U.S. SECURITIES AND EXCHANGE COMMISSI0N


Litigation Release No. 15209 / January 8, 1997  

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 December 27, 1996, Judge Tena Campbell of the
United States District Court for the District of Utah issued a
Final Judgment of Permanent Injunction and Other Relief by
consent against defendant Arie From ("From") enjoining him from
future violations of the antifraud provisions of Section 17(a) of
the Securities Act of 1933 and Section 10(b) of the Securities
Exchange Act of 1934 and Rule 10b-5 thereunder and ordering him
to pay a $10,000 civil penalty. 

     The Commission's Complaint alleges that, from December 1991
through mid-March 1992, From and six 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.).