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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION


LITIGATION RELEASE NO. 14837/ March 6, 1996

SECURITIES & EXCHANGE COMMISSION v. AYM FINANCIAL CORPORATION, 
THOMAS M. PALEY AND ADAM S. JUECHTER (United States District
Court for the Eastern District of Pennsylvania, Civil Action No.
96-CV-1723) 

     The Securities and Exchange announced that on March 6, 1996,
the Honorable Robert S. Gawthrok, III, District Judge, United
States District Court for the Eastern District of Pennsylvania,
signed an Order of Preliminary Injunction and Other Equitable
Relief by Consent against AYM Financial Corporation ("AYM"),
Thomas M. Paley ("Paley"), AYM's president and co-owner, and Adam
S. Juechter ("Juechter"), AYM's executive vice-president and co-
owner.  The Order preliminarily enjoins AYM, Paley and Juechter
from violating Section 17(a) of the Securities Act of 1933
("Securities Act") and Section 10(b) of the Securities Exchange
Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder.  The
Order also freezes the defendant's assets and grants other
emergency relief.  AYM, Paley and Juechter consented to the Order
without admitting or denying the allegations in the Commission's
Complaint. 

     The Commission's Complaint alleges that, since at least
April 1994 through the present, the defendants engaged in a
scheme to defraud investors by making fraudulent representations
and omissions in connection with the sale of interests in a
purported trading program involving the foreign currency exchange
spot market ("Forex market").  The Complaint alleges that, since
April 1994, the defendants sold at least $3 million in interests
in its purported trading program to at least 177 investors.  The
Complaint alleges that AYM, acting through Paley and Juechter,
misrepresented to investors that it was in the business of
trading in the Forex market using specialized skills and
expertise when, in fact, it was simply misappropriating investor
funds and operating a Ponzi scheme.  The Complaint also alleges
that AYM lulled investors by misrepresenting that investor funds
will be returned in a timely and orderly fashion when, in fact,
AYM does not have adequate assets to repay investors.
                   
     The Commission Complaint seeks a permanent injunction
against AYM, Paley and Juechter from violations of Section 17(a)
of the Securities Act and Section 10(b) of the Exchange Act and
Rule 10b-5 thereunder, and ancillary relief in the form of
disgorgement, with prejudgment interest, and civil penalties.