Litigation Release No. 16132 \ May 5, 1999

[In re: An Application To Enforce Administrative Subpoenas of the Securities and
Exchange Commission v. Theodore O. Pollard and World Investment Network, Ltd.,
CV-98-0056-MISC (FMS)]


Theodore O. Pollard of Palo Alto, CA, was arrested at his home by the U.S. Marshal yesterday pursuant to a bench warrant issued by the Honorable Fern A. Smith, United States District Court Judge, Northern District of California. Pollard's arrest resulted from his continued non-compliance with two Securities and Exchange Commission ("Commission") subpoenas ordering him to testify and produce documents from his company, World Investment Network, Ltd. ("WIN"), in connection with a Commission investigation.

As part of the Commission's focus on securities violations over the Internet, Pollard and WIN have been under investigation for suspected fraud in connection with the sale of so-called "prime bank" securities over WIN's website. The Commission issued a press release on October 19, 1993 warning investors about the dangers of fraudulent schemes involving the issuance and trading of "prime" bank, "prime" European bank or "prime" world bank financial instruments. On March 5, 1999, the Court issued a contempt order against Pollard and WIN and ordered a monetary fine against Pollard for every day he remained in contempt. When Pollard failed to comply with the Court's order, the Commission sought and obtained a bench warrant for Pollard's arrest. At a hearing before Judge Smith, Pollard was ordered to appear with counsel on May 14, 1999 for further proceedings.