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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Litigation Release No. 15331 / April 15, 1997


SECURITIES AND EXCHANGE COMMISSION v. KS RESOURCES, et al., Civil
Action No. 95-8608WDK(AJWx)(C.D. Cal.).

     The Securities and Exchange Commission announced that on
April 10, 1997, the Honorable William D. Keller, United States
District Judge for the Central District of California, approved a
settlement between the Securities and Exchange Commission and
defendant John K. Judd, Jr. in which Judd, without admitting or
denying the Commission's allegations, consented to a permanent
injunction from future securities law violations and consented to
pay disgorgement of $763,678 and prejudgment interest of
$53,168.85, totalling $816,846.85.  Judd demonstrated through
sworn statements of his financial condition and by his ability to
obtain a public defender in an ongoing parallel criminal
investigation that he did not possess sufficient assets with
which to pay the entire judgment.  To satisfy this judgment, Judd
has been ordered to turn over the bulk of his assets, valued at
$6,150, to the Court-appointed Permanent Receiver, Arthur N.
Greenberg, Esq.

     Two additional defendants, Betty Ann Rubin and her wholly-
owned broker-dealer, Lazar Frederick & Company, without admitting
or denying the Commission's allegations, earlier consented to the
entry of permanent injunctions from further securities law
violations by the Honorable William D. Keller.  The Commission
has alleged that Rubin and Lazar Frederick & Company owe $513,244
and $9,969,805.11, respectively, in disgorgement.  Rubin
continues to dispute the amount of disgorgement she owes.

     The Commission's complaint, filed December 19, 1995, alleged
that Judd, Rubin, Lazar Frederick & Company, and other
defendants, operated a Ponzi-like scheme, fraudulently offering
and selling securities in the form of 29 oil and gas limited
partnerships ("Partnerships") from May 1993 to December 19, 1995.

The complaint further alleged that the Ponzi-like scheme raised
approximately $34,934,000 from investors, many of whom are
elderly.  See Litigation Release Nos. LR-14766 and 14866.