SECURITIES AND EXCHANGE COMMISSION
                                  Washington, D.C.

          LITIGATION RELEASE NO.  15960 / October 28, 1998

          SECURITIES AND EXCHANGE COMMISSION v. DANIEL T. TODT, et. al.,
          98 Civ. 3980 (JGK) (SDNY)

          Shmmuel Emmanuel Abijah Quijano Enjoined, Ordered to Pay $75,000
          Penalty

               On October 15, 1998, following a hearing on October 9, the
          Honorable John G. Koeltl entered a default judgment against
          Shmmuel Emmanuel Abijah Quijano ("Abijah") in a Commission action
          involving the offer and attempt to sell forged and fictitious
          securities.  The Commission alleged in a June 5, 1998 complaint
          that Abijah and eight other defendants engaged in a scheme to
          obtain money using fraudulent "bank certificates" in violation of
          the antifraud provisions of the federal securities laws.

               The Commission alleged in its complaint that Abijah, along
          with eight other defendants, attempted to negotiate at least one
          such fraudulent bank certificate purportedly represented as
          issued by the "Mitsubishi B.J. Bank" ("Mitsubishi Certificate").
          The Bank of Tokyo-Mitsubishi Ltd., the FBI, and the Federal
          Reserve Bank all have confirmed that the certificate is not
          genuine.  The Commission alleged that Abijah and the other
          defendants were all part of the scheme, which would use the
          Mitsubishi Certificate to generate millions of dollars in
          payments for themselves, while invoking both "humanitarian" goals
          and the names of "official" entities, ranging from the Federal
          Reserve Bank to the United Nations Security Council, in an effort
          to make their scheme appear legitimate.  The Commission also
          alleged that some defendants possess at least one additional
          fraudulent bank certificate which they intend to negotiate as
          part of their scheme, which also involves trading programs
          resembling classic prime bank schemes.

               The final judgment ordered Abijah to pay a $75,000 penalty,
          and permanently enjoined him from violating Section 10(b) of the
          Securites Exchange Act of 1934 and Rule 10b-5 thereunder and
          Section 17(a) of the Securities Act of 1933.  Abijah had
          previously consented to the entry of a preliminary injunction
          against him on June 29, 1998.

               The court's order found that the "penalty is appropriate
          given the fraudulent conduct in this case and the significant
          risk of substantial losses to other persons as a result of the
          fraud."

               For additional information, see litigation release numbers
          15771 (June 5, 1998), 15775 (June 9, 1998), and 15797 (July 1,
          1998).