UNITED STATES SECURITIES AND EXCHANGE COMMISSION

          Litigation Release No. 15688 / <<Date>>


          SECURITIES AND EXCHANGE COMMISSION V. NICHI CAPITAL, LTD.,
          OLAWANDE A. AGUNLOYE, WISE CHOICE DISCOUNT BROKERAGE, INC., RALPH
          ANTEBY, AND BRIAN WALFISH, AND STRATEGIC RISK MANAGEMENT AS
          RELIEF DEFENDANT, 98 Civ. 2218 (CJH) (S.D.N.Y)

          The Securities and Exchange Commission ("Commission") announced
          today that it filed a complaint in federal court in Manhattan
          charging a start-up software company, its president, and a
          brokerage firm and its employees, with obtaining at least
          $200,000 by engaging in an ongoing securities fraud.  Since
          October 1997, the defendants have been inducing investments in
          the securities of Nichi Capital, Ltd. (Nichi) by misrepresenting
          to investors that they were selling Nichi stock in an initial
          public offering (IPO).  The court granted the Commission's
          request for emergency relief, including a temporary restraining
          order, an asset freeze, and an accounting.

          Named in the complaint are:

               Nichi Capital, Ltd., a New York corporation.

               Wise Choice Discount Brokerage, Inc. (Wise Choice), a New
               York corporation, and a broker-dealer registered with the
               Commission.

               Olawande A. Agunloye (Agunloye), president of Nichi and a
               principal of Wise Choice. Agunloye resides in New York.

               Ralph Anteby, a resident of Brooklyn, New York, and a broker
               at Wise Choice.

               Brian Walfish, a resident of Brooklyn, New York, and a
               broker at Wise Choice.

          Also named in the Complaint as a relief defendant is Strategic
          Risk Management, a Delaware corporation and a broker-dealer
          registered with the Commission.

          Specifically, according to the Complaint, the defendants
          misrepresented to investors that the IPO was going to take place
          shortly, that their shares would rise greatly in value after the
          company went public, that their money would be placed in an
          escrow account until the IPO took place, and that the money
          raised would be used for certain defined purposes.  Those
          statements were false and misleading because, while Nichi had
          filed a registration statement for an initial public offering of
          its stock, the IPO was not expected to take place in the near
          future.  Moreover, no escrow account for the IPO funds was ever
          established, and the investors' money was transferred by
          Agunloye, at least in part, to relief defendant Strategic in
          connection with his attempt to acquire an equity interest in that
          company.

          The Commission seeks a final judgment permanently enjoining the
          defendants from further violations of Sections 5(a) and 17(a) of
          the Securities Act of 1933, and Section 10(b) of the Securities
          Exchange Act of 1934, and Rules 10b-5 and 10b-9 promulgated
          thereunder; and ordering them to account for and disgorge their
          ill-gotten gains and prejudgment interest, and to pay civil
          penalties.  The Commission also seeks an order requiring
          Strategic to account for and disgorge an amount equal to the
          funds it improperly obtained from the defendants.

          A hearing on the Commission's application for a preliminary
          injunction and other relief is scheduled for Wednesday, April 8,
          1998.