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             U.S. SECURITIES AND EXCHANGE COMMISSION


Litigation Release No. 14815 / February 12, 1996       

SECURITIES AND EXCHANGE COMMISSION v. CITI FINANCIAL SERVICES,
CITI CORP REALTY PARTNERS IV, HAROLD GOLDSTEIN, RICHARD THOMAS
MANDELL, a.k.a. MARK MORGENLENDER, ROBERT SINGLETON, MARK
BARQUERA, a.k.a. MARK CABRERRO and ROBERTA CRAMPTON, Civil Action
No. 96-0349 WJR (BQRx) (C.D. Cal.)

     The Securities and Exchange Commission ("Commission")
announced that on February 9, 1996, it obtained a preliminary
injunction against the defendants in the above matter.  The
Commission had previously obtained a temporary restraining order
against the defendants on January 18, 1996.  In that proceeding,
the Court stopped the defendants' sale of fictitious certificates
of deposit which they falsely claimed were issued by Citibank in
New York and insured by the federal government.  The preliminary
injunction continues to bar the defendants from committing the
fraudulent sales.  

     In its lawsuit, which was filed in the United States
District Court for the Central District of California, the
Commission obtained an order preliminarily enjoining the
following entities and individuals from future violations of the
antifraud provisions of the federal securities laws:  Citi
Financial Services ("Citi Financial"); Citi Corp Realty Partners
IV ("CCRP"); Harold Goldstein ("Goldstein"), an inmate at the
federal correctional facility in Lompoc, California; Richard
Thomas Mandell ("Mandell"), of Los Angeles, who is currently on
federal parole; Robert Singleton ("Singleton"), of Salt Lake
City, Utah, who is also currently on federal parole; Mark
Barquera of Los Angeles, a convicted felon; and Roberta Crampton
of Duluth, Georgia.  The order also continues an asset freeze
against defendants Citi Financial, CCRP, Goldstein, Mandell and
Singleton.

     The Commission's Complaint alleged that the scheme was
directed by Goldstein, an inmate from federal prison, and
executed by several paroled felons living in Los Angeles and Salt
Lake City.  In selling the fictitious instruments, the defendants
conducted a nationwide newspaper and direct marketing campaign
aimed at luring elderly investors into purchasing the bogus
securities.  Since the scheme began in October 1995, the
defendants have defrauded individual investors out of
approximately $320,000.  In addition, the Commission has learned
that in response to the defendants' marketing efforts, hundreds
of potential victims have expressed an interest in purchasing the
fictitious securities.  

     The Complaint also alleges that inmate Goldstein directed
parolee Mandell to create two entities, Citi Financial Services
and Citi Corp Realty Partners IV.  The names of these entities
were purposely designed to mislead investors into believing that
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the entities were affiliated with Citibank, and its parent
holding company, Citicorp.  Goldstein further instructed Mandell

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to assume the identity of "Mark Morgenlender," an actual
executive employed by Citicorp, and to create investor letters
and other solicitation materials on letterhead looking like
Citicorp's.  Goldstein also caused the printing of various forms
of false identification for Mandell to allow him to pose as
Morgenlender.

     The Complaint further alleges that beginning in October
1995, Mandell and Singleton ran advertisements in major
newspapers soliciting investors to call a "CD Hot Line." 
Interested investors who called the "CD Hot Line" were provided
with solicitation materials describing the investment as
federally insured brokered certificates of deposit offered
through the "top 150 financial institutions."  The solicitation
materials also falsely represented that Citi Financial and CCRP
were licensed broker-dealers and members of the New York Stock
Exchange, the National Association of Securities Dealers (NASD)
and the Securities Investor Protection Corporation (SIPC).
 
     The Commission further alleges in its Complaint that the
defendants are not in any way affiliated with Citicorp. 
Moreover, the defendants did not purchase federally insured
certificates of deposit or any other securities on behalf of the
victims, but instead misappropriated investor monies for their
own personal gain.  The Complaint seeks permanent injunctions,
and other relief, including disgorgement and civil penalties,
against the defendants.

     The Commission acknowledges the cooperation and assistance
provided in this matter by the Federal Bureau of Investigation.