SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 16389 / December 13, 1999

SECURITIES AND EXCHANGE COMMISSION v. LEWIS ALLEN RIVLIN, EDWIN EARL HULING III, AND ALFRED HUASCAR VELARDE, AS DEFENDANTS; AND Z-FINANCE, S.A., ANTHONY P. ZIOUDAS, HEDLEY FINANCE LTD., CHRISTIAN DANTE, AND CHRYSANTHOS CHRYSOSTOMOU, AS RELIEF DEFENDANTS, Civil Action No. 99-1455 (RCL) (U.S. District Court for the District of Columbia)

The Securities and Exchange Commission today announced that on December 10, 1999, the Honorable Royce C. Lamberth of the United States District Court for the District of Columbia issued a Preliminary Injunction against Defendant Lewis Allen Rivlin temporarily restraining and enjoining Rivlin from violations of the broker-dealer registration provisions of Section 15 of the Securities Exchange Act of 1934 (the "Exchange Act"). The Commission also announced today that on July 30, 1999, Judge Lamberth entered a Final Judgment of Permanent Injunction and Other Relief as to Defendant Alfred H. Velarde in which Velarde, without admitting or denying the allegations against him, was enjoined from violations of the antifraud provisions of the Exchange Act and was ordered to pay a civil money penalty of $20,000, pursuant to Velarde's previously-announced agreement to settle with the Commission (see Litigation Release No. 16,179 (June 8, 1999)).