Litigation Release No. 16209 / July 12, 1999

United States of America v. Mark R. Blacher, Case No. 99-00120 CR-Moreno

The Securities and Exchange Commission ("Commission") and the United States Attorney for the Southern District of Florida announced that on May 28, 1999, Mark R. Blacher ("Blacher") was sentenced to 51 months in a federal prison and ordered to pay $10.7 million in criminal restitution. Blacher had previously plead guilty to one count of mail fraud in connection with his participation in a $16 million "Ponzi" scheme involving the fraudulent sale to investors of unregistered securities issued by Medco Inc. during 1996 and 1997.

For further information see Litigation Release No. 15539.