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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 14900 / May 3, 1996

SEC v. STEVEN MCMICHAEL, ROBERT J. MAIETTA, EDWARD C. FARNI,
ARTHUR J. PETRIE, DOUGLAS C. SELANDER, DALE E. BARLAGE and
STEPHEN D. GELLAS  (United States District Court for the District
of Minnesota, 396-Civil-405, filed May 2, 1996)

The Securities and Exchange Commission announced that on May 2,
1996, it filed a Complaint for Permanent Injunction and Other
Equitable Relief (Complaint) in the United States District Court
for the District of Minnesota against Defendants Steven McMichael
(McMichael), Robert J. Maietta (Maietta), Edward C. Farni
(Farni), Arthur J. Petrie (Petrie), Douglas C. Selander
(Selander), Dale E. Barlage (Barlage) and Stephen D. Gellas
(Gellas).  The Complaint alleges that the Defendants violated
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 promulgated thereunder.  In addition, the
Complaint alleges that Maietta, Petrie, Selander and Gellas
violated Section 7(f) of the Exchange Act and Section 3(b) of
Regulation X promulgated by the Board of Governors of the Federal
Reserve System.  Among other things, the Complaint seeks an Order
of Permanent Injunction against all of the Defendants, as well as
disgorgement of ill-gotten gains and civil penalties against
certain defendants.

     In its Complaint, the Commission alleges that from about
     1989 until June 1991, the Defendants engaged in an elaborate
     fraudulent scheme involving the common stock of Angeion
     Corporation (Angeion), a Minnesota corporation.  The scheme
     was masterminded and directed by McMichael and Maietta, who,
     at various times during the scheme, solicited and obtained
     the participation and assistance of Farni, Petrie, Selander,
     Barlage and Gellas.  The purpose of the scheme was to create
     the appearance of activity in Angeion stock and thus create
     the impression on the investing public of a demand for the
     stock.  This was done by engaging in manipulative devices
     including matched trades, wash trades and stock parking.  As
     the scheme began to unravel in May 1991, several Defendants
     engaged in free-riding.  The Defendants' manipulative
     activities stopped when they could no longer pay for their
     purchases of Angeion stock or satisfy their margin calls. 
     After the manipulative activities ceased, the stock price of
     Angeion fell from a high of $10 3/8 in March 1991, to a low
     of $2 3/4 on July 3, 1991.