UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 14822 / February 22, 1996

SECURITIES AND EXCHANGE COMMISSION v. DENNIS LINDSAY HELLIWELL,
et al., 96 Civ. 1045, U.S.D.C., S.D.N.Y. (MP)

The Securities and Exchange Commission ("Commission") announced
that, on February 13, 1996, a Temporary Restraining Order was
issued by Judge Pollack of the United States District Court,
Southern District of New York, against Dennis Lindsay Helliwell
("Helliwell) and The Helliwell Group Limited ("Helliwell Group").

The Court also froze the defendants' assets.  The Order stems
from a Complaint filed by the Commission against the defendants
on the same day, seeking, among other things, injunctive relief,
disgorgement and civil penalties.  A hearing will be held on
February 16, 1996 on the Commission's application for a
Preliminary Injunction.

Named in the Complaint, filed today in the United States District
Court for the Southern District of New York, were:

     DENNIS LINDSAY HELLIWELL, age 37, who resides in Brooklyn,
     New York, and is the president of The Helliwell Group
     Limited.

     THE HELLIWELL GROUP LIMITED, a corporation duly incorporated
     under the laws of the State of New York and located in New
     York, New York, which commenced business as a "financial
     advisory services" firm in or about January 1995.  Neither
     Helliwell nor the Helliwell Group is registered in any
     capacity with the Commission.

As detailed in the Complaint, from in or before April 1995
through the present, defendants Helliwell and the Helliwell Group
have raised at least $2,580,000 from at least thirty investors
for whom the defendants were providing various financial
services.  The Complaint alleges that Helliwell falsely told
investors that he would invest their funds at Marine Midland Bank
("Marine Midland") in a large "pool of funds," where the
investors would receive an 18%-20% return on their investments. 
The Complaint further alleges that, in return, Helliwell provided
investors with notes which indicated that their money was
invested in this pool of money.  The Complaint also alleges that
Helliwell never invested the investors' funds in this "pool of
funds" at Marine Midland.  Instead, he appears to have
misappropriated most of the investors' funds.

The Commission's Complaint against Helliwell and the Helliwell
Group seeks an accounting, an asset freeze, as well as
preliminary and permanent injunctive relief from further
violations of the antifraud provisions of the federal securities
laws, disgorgement of ill gotten gains, including prejudgment
interest, civil penalties and other ancillary relief.