SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.

     LITIGATION RELEASE NO. 15662 / March 10, 1998

     SECURITIES AND EXCHANGE COMMISSION v. QUALIFIED PENSIONS, INC., ET AL.,
     Civil Action No. 95-1746 (LFO)(D.D.C.)

     UNITED STATES v. JERRY G. ALLISON, Cr. 98-71-PHX-RGS (D. Az.)

          The Securities and Exchange Commission ("Commission") today filed with
     the United States District Court for the District of Columbia documents
     that will resolve the remaining claims in its enforcement action against
     Jerry G. Allison ("Allison"), the former president and 90 percent owner of
     Qualified Pensions, Inc. ( QPI ). On September 13, 1995, the Commission
     filed this case alleging that Allison and QPI defrauded investors by
     misappropriating millions of dollars in retirement savings that were
     entrusted to QPI by its clients to be maintained in Individual Retirement
     Accounts and other retirement savings plans.  The complaint also alleged
     that Allison and QPI executed securities transactions for their clients
     without registering as brokers.  That same day, the Commission obtained a
     temporary restraining order freezing assets and granting other emergency
     relief, and on September 26, 1995 obtained an order placing QPI in
     receivership.

          Pursuant to the settlement, Allison will consent to the entry of an
     order requiring him to disgorge $11,419,223, the amount of QPI customer
     assets that were missing on the date the Commission filed this action.  As
     of December 31, 1997, the Receiver has obtained approximately $2.3 million
     from assets recovered from Allison and others to whom Allison transferred
     monies misappropriated from QPI s customers.  The Receiver projects that by
     the end of the receivership, currently expected to be December 31, 1998, he
     will liquidate more than an additional $1.2 million of such recovered
     assets.  Moreover, the Receiver also has obtained approximately $2.3
     million for the benefit of QPI customers by, among other things, pursuing
     claims against other parties.  Under the settlement, payment of additional
     disgorgement by Allison will be waived in light of Allison s demonstrated
     inability to pay based on his sworn representations in his statement of
     financial condition.

          Previously, on June 17, 1997, on motion of the Commission, the Court
     entered a Permanent Injunction against Allison, by default, enjoining him
     from violating Section 17(a) of the Securities Act of 1933, Sections 10(b),
     15(a), and 15(c) of the Securities Exchange Act of 1934 ("Exchange Act"),
     and Exchange Act Rule 10b-5, which are the antifraud and broker-dealer
     registration provisions of the federal securities laws.  As an additional
     part of today s settlement, Allison consented to the entry of a Commission
     Order barring him from association with any broker, dealer, municipal
     securities dealer, investment adviser or investment company.

          Also today before the United States District Court for the District of

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     Arizona, Allison pleaded guilty to one count of wire fraud.  Allison s plea
     was in connection with the same misconduct as alleged by the Commission. 
     Allison is scheduled to be sentenced on May 18, 1998.

          The Commission previously has made several announcements concerning
     this matter.  See Litigation Release Nos. 14636, 14642, 14680, and 15403.















































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