UNITED STATE SECURITIES AND EXCHANGE COMMISSION


     Litigation Release No. 15637 / February 5, 1998

     SECURITIES AND EXCHANGE COMMISSION v. JOHN G. BENNETT, JR. AND THE
     FOUNDATION FOR NEW ERA PHILANTHROPY, 95 Civ. 3005, U.S.D.C., E.D.PA (AB)

     The Securities and Exchange Commission ("Commission") announced that, on
     February 4, 1998, the Honorable Anita Brody, United States District Court
     Judge for the Eastern District Of Pennsylvania, issued the Final Judgment
     Of Permanent Injunction And Other Equitable Relief By Consent Against John
     G. Bennett ("Final Judgment"), the founder and former president of the now
     defunct Foundation For New Era Philanthropy ("New Era").

     The Complaint, which was filed on May 18, 1995, alleged, among other
     things, that defendants John G. Bennett ("Bennett") and New Era conducted a
     fraudulent scheme in which hundreds of not-for-profit organizations,
     charities, and individuals were promised that funds they invested in New
     Era's notes and investment contracts would be doubled in six months by
     "guaranteed" monies that Bennett and New Era had secured from several very
     wealthy "anonymous benefactors."   The Complaint further alleged that
     Bennett's and New Era's "anonymous benefactors" did not exist and that
     Bennett and New Era made numerous other material misrepresentations and
     omissions in the course of offering and selling their securities.  The
     Complaint alleged that Bennett and New Era victimized hundreds of investors
     throughout the nation, and wrongfully solicited more than $100 million
     dollars in 1995 alone.  

     The Court's Final Judgment permanently enjoins Bennett from further
     violating the registration and antifraud provisions of the securities laws. 
     The Final Judgment also orders Bennett to disgorge profits earned as a
     result of the conduct alleged in the Complaint, plus interest, in the total
     amount of $3,424,015, but waives payment based on Bennett's demonstrated
     inability to pay.
     Bennett is currently serving a twelve year sentence in the federal
     correctional institution in Fort Dix, New Jersey, pursuant to criminal
     charges based, in large part, upon the same facts alleged in the
     Commission's Complaint.

     The Commission also filed a notice voluntarily withdrawing its claims
     against defendant New Era.  Since May 1995, New Era has been subject to
     liquidation proceedings in the United States Bankruptcy Court for the
     Eastern District of Pennsylvania.  In June 1996, with the Commission's and
     the Court's approval, Bennett transferred nearly all of his assets to the
     Bankruptcy Estate so that those funds could be distributed to defrauded
     investors.  For further information see Lit. Rel. ## 14503, 14505, 14531 &
     15095.