SECURITIES AND EXCHANGE COMMISSION
                                   Washington D.C.


     LITIGATION RELEASE NO.   15780 /  June 11, 1998

     UNITED STATES v. JEFFREY SZUR, ELAINE SZUR, VADIM KAPLUN, CARY WEINSTEIN,
     AND DAVID M. GOLD, S5 97 Cr. 108 (S.D.N.Y.)

          The Securities and Exchange Commission ("Commission") announced that,
     on June 10, 1998, after a ten-week criminal trial conducted by the United
     States Attorney's Office for the Southern District of New York, Jeffrey
     Szur, Elaine Szur, Vadim Kaplun, Cary Weinstein, and David M. Gold were
     convicted on charges of: (a) conspiracy to commit securities fraud, wire
     fraud, and commercial bribery; (b) wire fraud; (c) commercial bribery; (d)
     creating false books and records for a registered broker-dealer; and (e)
     money laundering.  The evidence at trial showed that the defendants engaged
     in a scheme to fraudulently sell approximately $6 million worth of publicly
     traded common stock that had been issued by Securitek International Corp.
     (formerly known as U.S. Asset Corp.) to unsuspecting retail customers of
     J.S. Securities, Inc., a registered broker-dealer.  Jeffrey Szur was the
     President of J.S. Securities.  Elaine Szur, Jeffrey Szur's mother, served
     as the compliance officer of J.S. Securities.  Kaplun, Weinstein, and Gold
     operated branch offices of J.S. Securities.  

          As shown at trial, the fraudulent scheme concerned undisclosed
     payments by Bertram Slutsky, the former President of Securitek and a
     substantial owner of Securitek stock, to Jeffrey Szur, Kaplun, Weinstein,
     and Gold in exchange for sales of Slutsky's Securitek stock to the retail
     customers of J.S. Securities.  Slutsky made payments of as much as 50% of
     the sales price of his Securitek stock to the persons running the Securitek
     sales operation at J.S. Securities.  As President of J.S. Securities,
     Jeffrey Szur entered into the agreement with Slutsky to sell Slutsky's
     Securitek stock to the retail customers of J.S. Securities.  Kaplun
     operated a branch office of J.S. Securities at 63 Wall Street, where Kaplun
     directed a massive cold-calling and high pressure sales operation to sell
     Slutsky's Securitek stock.  Weinstein and Gold operated a branch office of
     J.S. Securities in Westbury, New York, where they also directed a cold-
     calling operation to sell Securitek stock.  Elaine Szur helped keep the
     books concerning the fraudulent scheme and, together with Jeffrey Szur,
     forged various documents that J.S. Securities was required to maintain in
     accordance with Commission regulations.

          Jeffrey Szur, Elaine Szur, Kaplun, Weinstein, and Gold were each
     convicted of a single count of conspiracy to commit securities fraud, penny
     stock fraud, wire fraud, and commercial bribery.  Jeffrey Szur was also
     convicted of three counts of wire fraud, one count of commercial bribery in
     violation of the Travel Act, three counts of maintaining false books and

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     records, and two counts of money laundering; he faces a maximum sentence of
     95 years imprisonment.  Elaine Szur was also convicted of two counts of
     wire fraud, three counts of maintaining false books and records, and two
     counts of money laundering; she faces a maximum sentence of 85 years
     imprisonment.  Kaplun was also convicted of two counts of wire fraud, three
     counts of commercial bribery in violation of the Travel Act, and two counts
     of money laundering; he faces a maximum sentence of 70 years imprisonment. 
     Weinstein and Gold were also convicted of one count each of commercial
     bribery in violation of the Travel Act and two counts each of money
     laundering; they each face a maximum sentence of 50 years imprisonment. 
     Sentencing before the Honorable John G. Koeltl of the United States
     District Court for the Southern District of New York is scheduled for
     September 18, 1998.

          In August 1997, Slutsky pleaded guilty to: (a) conspiracy to commit
     securities fraud, wire fraud, and commercial bribery; and (b) securities
     fraud.  In February 1998, Ronald Gray, the operator of another branch
     office of J.S. Securities that was involved in the fraudulent scheme to
     sell Securitek stock, pleaded guilty to conspiracy and wire fraud.  In
     March 1998, Joseph Epstein, who helped Kaplun operate the 63 Wall Street
     branch of J.S. Securities, pleaded guilty to perjury and conspiracy charges
     in connection with the Securitek fraud.  

          In December 1997, the Commission filed a civil complaint against
     Jeffrey Szur, Slutsky, Kaplun, Epstein, Weinstein, Gold, Gray, Elaine Szur,
     Alex Levin, Diane Lakin, George Elian, and J.S. Securities concerning the
     Securitek fraud and related matters.  The Commission's action, which
     alleges violations of the antifraud provisions of the Securities Act of
     1933 and the Securities Exchange Act of 1934 and other provisions of the
     securities laws, remains pending.  (See Litigation Release No. 15595 for a
     further description of the allegations contained in the Commission's civil
     complaint.)

          The Commission expresses its appreciation for the outstanding effort
     of the United States Attorney's Office for the Southern District of New
     York and the Federal Bureau of Investigation in this matter.  

















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