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U.S. Securities and Exchange Commission

Litigation Release No. 14725 / November 21, 1995

SECURITIES AND EXCHANGE COMMISSION V. ROBERT F. HARMON, C95 1297
MHP; UNITED STATES OF AMERICA v. ROBERT F. HARMON, CR 94 0539
MHP.

     The United States Attorney for the Northern District of
California and the Securities and Exchange Commission announced
that on November 6, 1995, Robert F. Harmon ("Harmon"), after
being convicted of seven counts of mail fraud in connection with
the offer and sale of unregistered securities through Coast
Credit Corporation ("Coast Credit") and Pacific Coast Development
Corporation ("PCDC"), was sentenced to 15 months imprisonment and
ordered to pay $60,000 in restitution to defrauded investors. 
Harmon was previously enjoined from violating the federal
securities laws in an action brought by the Commission.

     From approximately November 1991 through March 1994, Coast
Credit and PCDC conducted 17 different unregistered offerings of
securities in the form of pooled interests in promissory notes. 
The issuers sold approximately $8.1 million worth of these
securities to approximately 390 investors residing primarily in
California.  Harmon was paid approximately $16,000 by Coast
Credit to use his position as a loan agent with California
Federal Bank to deceive investors in Coast Credit and PCDC into
believing that the real estate projects were sound investments. 
The trial of two of other participants in the scheme, Michael
Wyner and Steven Schecter, is scheduled to begin on December 4,
1995.