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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Litigation Release No. 14860 / April 1, 1996 

S.E.C. V. ALEXANDER CHARLES FUENTES, ALCOM TRADING, INC. and
AMERICORP & ASSOCIATES, INC., Case No. 96-0703-CIV-KING (S.D.
Fla.)

     The  Commission  announced  that  on  March  26,  1996,  the
Honorable  James  Lawrence  King,  of the  Southern  District  of
Florida entered an Order of Preliminary Injunction and Continuing
Asset Freeze  ("Consent Order"), by  consent, against  Defendants
Alexander Charles Fuentes, of Miami, Florida, Alcom Trading, Inc.
("Alcom")      and      Americorp     &      Associates,     Inc.
("Americorp")(collectively,  "Defendants"),  enjoining them  from
violations of the antifraud  provisions of the federal securities
laws.  The Consent Order  also freezes Defendants' assets pending
resolution of the case.

     Previously,  on  March  15,  1996, the  Commission  filed  a
complaint in the Southern District of Florida seeking a temporary
restraining order,  preliminary and permanent  injunctions, civil
penalties  and  other  ancillary relief  against  the Defendants.
Fuentes  is a director and vice president of Alcom and Americorp,
respectively.

     The Commission's complaint sought  to enjoin Defendants from
violating   Section  17(a)   of  the   Securities  Act   of  1933
("Securities Act"), Section 10(b)  of the Securities Exchange Act
of 1934 ("Exchange Act") and Rule 10b-5.

     The Commission's complaint alleged that Defendants raised at
least  $2,500,000  from  at  least 24  investors  through  patent
falsehoods  and  misrepresentations  regarding   their  purported
grocery   diverting  investment   program.     Specifically,  the
complaint alleged  that Fuentes, was conducting  an ongoing fraud
in which he obtained funds from investors by convincing them that
their   funds  would  be  used  to  obtain  groceries  that  will
immediately  be re-sold at higher  prices, and that the investors
would share in  the resulting profits.   Investors were allegedly
promised returns of up to 300% per year.

     On  March  15,  1996,  the Honorable  James  Lawrence  King,
entered  a Temporary  Restraining Order  ("TRO")  prohibiting the
defendants from violating the antifraud provisions of the federal
securities laws.  In addition, the TRO freezes defendants' assets
and orders that: (a)  defendants preserve records; (b) defendants
account for  proceeds they  received from the  fraudulent scheme;
and  (c) Fuentes surrender his passport and not travel outside of
the United States.  
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