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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION


LITIGATION RELEASE NO. 14874 / April 15, 1996

UNITED STATES OF AMERICA v. DONALD L. ESTES
Criminal No. 95-61, USDC, ED/KY
            
     The Securities and Exchange Commission and the United States
Attorney for the Eastern District of Kentucky announced that on
February 16, 1996, Donald Lewis Estes was sentenced to thirty
months in prison with three years on supervised release, and
ordered to pay $1,000,000 in restitution. Estes pled guilty
November 7, 1995 to one count of using interstate commerce to
induce the purchase of unregistered securities. He began serving
his prison term on April 1, 1996.

     The criminal charge against Estes relates to the same
activities alleged in the Commission's civil action filed on
April 24, 1992. According to the Commission's complaint, Estes
participated in the offer and sale of unregistered securities  in
the form of investment contracts in an investment pool
purportedly formed to finance transactions in the import and
export of commodities. Further, the complaint alleged that Estes,
and others, lied to investors concerning the use of investor
proceeds, the profits and earnings to be realized, and the risks
associated with the investment. On January 21, 1994, without
admitting or denying the allegations, Estes consented to be
permanently enjoined from future violations of the registration
and antifraud provisions of the federal securities laws.
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DONALD L. ESTES SENTENCED AND ORDERED TO PAY $1,000,000
RESTITUTION

     The Commission and the United States Attorney for the
     Eastern District of Kentucky announced that on February 16,
     1996, Donald Lewis Estes was sentenced to thirty months in
     prison with three years on supervised release, and ordered
     to pay $1,000,000 in restitution. Estes pled guilty November
     7, 1995 to one count of using interstate commerce to induce
     the purchase of unregistered securities. He began serving
     his prison term on April 1.

     The criminal charge against Estes relates to the same
     activities alleged in the Commission's civil action filed on
     April 24, 1992. According to the Commission's complaint,
     Estes participated in the offer and sale of unregistered
     securities  in the form of investment contracts in an
     investment pool purportedly formed to finance transactions
     in the import and export of commodities. Further, the
     complaint alleged that Estes, and others, lied to investors
     concerning the use of investor proceeds, the profits and
     earnings to be realized, and the risks associated with the
     investment. On January 21, 1994, without admitting or
     denying the allegations, Estes consented to be permanently
     enjoined from future violations of the registration and
     antifraud provisions of the federal securities laws.[United
     States of America v. Donald L. Estes, Criminal No. 95-61,
     USDC, ED/KY] (LR-     )


STEPHEN WEBSTER
District Trial Counsel
817/885-6459