U.S. SECURITIES AND EXCHANGE COMMISSION

             Litigation Release No. 15805 / July10, 1998

             SECURITIES AND EXCHANGE COMMISSION v. ASSOCIATION OF
             INDIVIDUAL MINISTRIES, CHARLES R. GROESCHEL and SAGE
             COMPUTER SERVICES, 98 Civ. 4840 (RPP) (S.D.N.Y.)

                  The Commission announced that on July 9 it filed an
             emergency action in federal court to halt a religious
             pyramid scheme, the Association for Individual Ministries,
             or AIM, based in Palm Desert, California.  The Commission
             charged AIM and Charles Groeschel (known as Pastor Chuck)
             with defrauding investors by promising huge returns in
             exchange for their "donations."   Groeschel, a former
             Baptist pastor, aged 66, was previously convicted for a
             fraudulent pyramid scheme involving Silver Eagle coins.
             State of New Mexico v. Charles Groeschel a/k/a Charles
             Groschel, CR 91-2288 (2d Jud. Dist. Ct. NM).  Using Biblical
             language, Groeschel tells investors that the more they give,
             the more they will receive.  Meanwhile, the Commission
             alleges, AIM is transferring funds to a corporation
             controlled by Groeschel, Sage Computer Services, which is
             also named as a defendant.   The Commission also charged
             that AIM had transferred over $200,000 to an off-shore bank
             account immediately after Groeschel learned that the
             Commission was investigating AIM.  Since mid-1996, the
             Commission alleges, AIM has taken in at least $1.5 million,
             from over 2,000 investors, many of whom live in the New York
             area.  The Commission sought a freeze of  assets and other
             emergency relief.

                  Judge Robert P. Patterson, Jr., of the Southern
             District of New York, granted the Commission's emergency
             application, finding at a hearing on July 9 that the
             Commission had presented sufficient facts to demonstrate the
             likelihood of succeeding with its complaint.  Judge
             Patterson ordered a freeze of all assets controlled by
             Groeschel , AIM and Sage, and ordered that a receiver be
             appointed for Sage and AIM, pending a hearing scheduled for
             Friday, July 17th.  The temporary restraining order and
             order to show cause also order an accounting of investor
             proceeds, repatriation of off-shore funds, protection of
             documents, and expedited discovery.  In its complaint, the
             Commission seeks permanent injunctions against future
             violations of the antifraud provisions of the securities
             laws, as well as disgorgement and civil penalties against
             Groeschel, AIM and Sage.

                  Groeschel was arrested on Wednesday, July 8th, on a
             criminal complaint alleging fraudulent conduct relating to
             AIM.  The U.S. Attorney's Office for the Southern District
             of New York brought the criminal charges.