SECURITIES AND EXCHANGE COMMISSION
                                Washington, DC

            Litigation Release No. 15858 /  August 24, 1998

            SECURITIES AND EXCHANGE COMMISSION v. LARRY K. O'DELL,
            United States District Court for the Middle District of
            Florida, Civil Action No. 98-948-CIV-ORL-18A

            The  Securities and Exchange Commission today announced
            the filing  of a Complaint against Larry K. O'Dell, the
            former Director  of  Public  Works  for Osceola County,
            Florida, for failing to disclose his  receipt of bribes
            for assisting a brokerage firm in its selection to sell
            County bonds.

            The Complaint, filed in the Middle District of Florida,
            alleges the following:  In 1992, while the Director of
            Public Works, O'Dell entered into a secret arrangement
            with a consultant working for a brokerage firm.  The
            arrangement provided that, in exchange for O'Dell's
            assistance with the brokerage firm's selection as one
            of the firms to sell the $149,999,313 Osceola Parkway
            Project bonds (dated July 15, 1992), the consultant
            would share his compensation from the firm with O'Dell.
            After entering into the arrangement, O'Dell persuaded
            the Osceola County Manager to put the firm in the
            selling group for the bonds, without disclosing his
            economic interest in the matter to the County Manager.
            Following closing of the bond offering, the consultant
            gave O'Dell money and other things of value totaling
            $1,755.82.  Neither the arrangement nor the benefits
            conferred thereunder were disclosed to the issuer of,
            or investors in, the bonds.  O'Dell's failure to
            disclose the arrangement,  the payments, and the actual
            and potential conflicts of interest created thereby,
            violated the following antifraud provisions of the
            federal securities laws:  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.

            Simultaneously with the filing of the Complaint, and
            without admitting or denying the allegations contained
            in the Complaint, O'Dell agreed to the entry of a final
            judgment permanently enjoining him from future
            violations of Section 17(a) of the Securities Act and
            Section 10(b) of the Exchange Act and Rule 10b-5
            thereunder; and ordering him to pay (1) disgorgement to
            Osceola County totaling $2,649.57, consisting of the
            $1,755.82 O'Dell received pursuant to the undisclosed
            arrangement, plus prejudgment interest thereon, and (2)
            a civil penalty of $5,000.

            Also today, the United States Attorney for the Middle
            District of Florida filed a criminal plea agreement with
            O'Dell, pursuant to which O'Dell has agreed to plead
            guilty to a single felony count of bribery in violation of
            18 U.S.C.  666, arising from the conduct that is the
            subject of the Commission's Complaint.

            The Commission's investigation concerning pay-to-play
            practices in Florida continues.