UNITED STATES SECURITIES AND EXCHANGE COMMISSION


LITIGATION RELEASE NO.  15746 / May 18, 1998

United States of America v. Roger E. Turner, USDC/ND TX (Dallas Division), 397-CR-427-G

The Securities and Exchange Commission announced that on May 12, 1998, Roger E. Turner,
who operated a Grand Prairie, Texas investment adviser, Annable Turner & Company, Inc.,
was sentenced to 34 months in prison and ordered to pay $2.9 million in restitution for
violating the antifraud provisions of the Securities Act of 1933.  Earlier this year
Turner entered a plea of guilty to an information charging that, from at least January
1990 through January 1997, he falsely represented to investors that he would invest their
funds, at times through newly opened IRAs, in safe, solvent investments, with substantial
returns. In fact, Turner neither purchased the securities nor opened the IRAs. Instead, he
misapplied investor funds, and hid his misapplications by providing investors with false
portfolio statements. Investors suffered losses of between $1.5 and $2.5 million,
according to the information.

Turner was ordered to report to prison July 14, 1998, by the Honorable A. Joe Fish, United
States District Court for the Northern District of Texas. The Court further ordered that
Turner must serve at least 29 months of his prison sentence before he can seek early
release.

The Fort Worth District Office of the Commission assisted the United States Attorney and
the Texas State Securities Board with the criminal investigation.

























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