U.S. SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No. 15636 / February 5, 1998

     SECURITIES AND EXCHANGE COMMISSION v. D'ACQUISTO FINANCIAL GROUP, INC., et
     al., Civil Action No. 95-1105 BTM (AJB) (S.D. Cal.)

          The Securities and Exchange Commission announced that on January 28,
     1998, the Honorable Barry T. Moskowitz United States District Judge of the
     Southern District of California entered a final judgment against Thomas F.
     Goodman.  The Court held Thomas F. Goodman, an attorney, liable for
     securities fraud and ordered him to pay $99,500 in disgorgement and
     $22,140.49 in prejudgment interest jointly and severally with his co-
     defendants John F. D'Acquisto, Doubleday Trust, and D'Acquisto Financial
     Group, Inc.  The Court found that an injunction should issue against
     Goodman, barring him from future violations of the securities laws.  In
     reaching its decision, the Court found that Goodman principally
     participated in the fraud when he prepared and issued prospectuses that
     promoted the fraudulent schemes in clear violation of the law.  The
     fraudulent schemes involved the sale of $7,000,000 worth of "inherently
     fraudulent" "prime bank" securities. 

          Goodman, along with D'Acquisto, sold the fraudulent securities through
     Doubleday and D'Acquisto Financial Group from November 1993 through June
     1994.  Goodman represented to investors that the "prime bank" securities
     were "entirely legal" and the "crown jewel" of Doubleday's investment
     program.  Goodman made these representations without investigating whether
     such securities actually existed.  The Court found that these
     misrepresentations violated 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.

          In earlier rulings, the Court found that D'Acquisto, Doubleday and
     D'Acquisto Financial Group misrepresented to one investor that its $200,000
     investment would be worth $1,833,565.64 in a week's time; represented to
     another investor that it would receive returns of 2% to 7.5% per week; and
     represented to a third investor that it would receive returns of at least
     80% per month.  The Court held Goodman's co-defendants jointly and
     severally liable for $6,780,000 in disgorgement and $641,471.27 in
     prejudgment interest.  

          In a recent administrative matter, the Securities and Exchange
     Commission revoked D'Acquisto's registration as an investment adviser and
     barred him from associating with an investment adviser.  








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          For further information, please see Litigation Release Nos. LR-14562,
     LR-14681 and LR-15140.



















































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