UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     LITIGATION RELEASE NO. 15649 / February 20, 1998

     SECURITIES AND EXCHANGE COMMISSION v. Daniel E. Schneider, et al.,  et.
     al., Civil Action No. 98-CV-0014-D (USDC Wyo.)

          The Commission announced today that the U.S. District Court for the
     District of Wyoming, issued a preliminary injunction in a pending action
     involving the illegal sale of bonds, purportedly backed by gold, issued in
     the 19th century by the now defunct Chicago, Saginaw and Canada Railroad
     Co. (Saginaw).  The order continues the Court s temporary restraining order
     entered on January 20, 1998.  The order also prohibits the fraudulent sale
     of interests in a prime bank-type trading program.  Following an
     evidentiary hearing on January 29, 1998, Judge William F. Downes entered
     the preliminary injunction on Friday, February 13, 1998, against Daniel E.
     Schneider (Schneider), a resident of Worland, Wyoming, and related entities
     Global American Prosperity Foundation (GAPF) and Financial Acquisition
     Sovereign Trust (FAST).  The order also freezes assets held by Schneider,
     GAPF and FAST.

          In a written opinion, the Court concluded that the bonds are worthless
     as investments, having value only as historical memorabilia, and that the
     prime bank trading scheme touted by Schneider is fictitious.  The Court
     concluded that the Commission established a prima case that, Schneider,
     GAPF and FAST, through their false and misleading statements, violated the
     antifraud provisions, Section 17(a) of the Securities Act of 1933 and
     Section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5
     thereunder.  The Commission's complaint alleged that during 1997,
     Schneider, GAPF and FAST raised a total of at least $2 million from six,
     and possibly more than 30, investors nationwide through the sale of Saginaw
     bonds and through a bank debenture trading program in which the Saginaw
     bonds or other assets purportedly could be used to generate substantial
     returns.

          In the preliminary injunction, Judge Downes continued the terms of the
     previously issued temporary restraining order as to all of the named relief
     defendants, including California residents Norman Fadel (Fadel) and Gordon
     A. Dunlop (Dunlop), Utah resident Ken Karlson (Karlson), and First
     Consortium International, located in California.  The Commission s
     Complaint alleged that Fadel and Karlson received approximately $96,000 and
     $354,000, respectively, from Schneider, GAPF and FAST in connection with
     Schneider s solicitation of the worthless railroad bonds, and that Dunlop
     and First Consortium hold $1.2 million of investor funds Schneider
     collected in connection with the fictitious bank trading program.







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