SECURITIES AND EXCHANGE COMMISSION

          Litigation Release No. 15835 / August 6, 1998

          S.E.C.  v.  Edward  Snyder  et al., Civil Action No. 3:98CV1215-H
          (USDC ND Tex).

          On May 22, 1998, the  Commission filed a complaint in the U.S.
          District Court, Northern District of Texas, against Edward Snyder
          (Snyder) and Robert E. Carroll (Carroll) for the fraudulent sale
          of at least $516,000 in securities to investors in several
          states.  The complaint alleges that from about October 1997
          through February 1998 Snyder and Carroll had marketed an
          "investment roll program," also referred to as an "investment
          enhancement program," in which investors would invest funds with
          Carroll.  These funds were to be pooled and invested by Carroll
          in "prime bank instruments," "bank guarantees," or "bank
          debentures" through a "major world bank in Europe."  Investors
          were promised returns of between 10 percent and 100 percent per
          month over a period of from 30 days to five years, to be
          generated by repeated purchases and sales of these bank
          instruments.  Funds received from investors appear to have been
          diverted to Carroll's personal use.

          The complaint alleges that the defendants violated Section 17(a)
          of the Securities Act of 1933 and Section 10(b) of the Securities
          Exchange Act of 1934 and Rule 10b-5 thereunder, and seeks
          preliminary and permanent injunctions, an asset freeze, civil
          penalties, accountings, and disgorgement. A temporary restraining
          order and asset freeze was entered on May 22, 1998, by the
          Honorable Barefoot Sanders, United States District Judge.  On
          June 12, 1998, Judge Sanders entered an order of preliminary
          injunction against Snyder and Carroll pursuant to their consent.