==========================================START OF PAGE 1======

                SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.

Lititgation Release No. 14901 / May 6, 1996
Accounting and Auditing Enforcement 
Release No. 779 / May 6, 1996

United States v. Sung and Feher,  95 Crim. 92 (May 11, 1995)
United States District Court for the Middle District of Florida

     The United States Securities and Exchange Commission
announced today that as a result of a Commission
investigation, on May 3, 1995,  ARTHUR S. FEHER, JR.( Feher ),
the former chairman and chief executive of Members Services
Corporation, a public company located in Winter Park, Florida, 
was convicted after a ten-day, jury trial before United States
District Judge Patricia Fawcett.  The case was prosecuted with
the assistance of the Commission by the United States Attorney s
Office for the Middle District of Florida.

         FEHER, age 47, of Winter Park, Florida, was found guilty
of twenty-seven counts of securities fraud,illegal sale of
1,411,000 shares of unregistered common stock, mail fraud, wire
fraud, money laundering and obstruction of a Commission
investigation. 

         FEHER faces a maximum term of incarceration of 265 years
and a maximum fine of $4,629,000. Sentencing is scheduled for
August 26, 1996.

         FEHER was convicted under an indictment which alleged
that between January 1992 and May 1993, FEHER engaged in a scheme
to defraud public investors in Members common stock.  Between
January and March 1992, FEHER caused Members to issue  1,411,000
shares of unregistered common stock, purportedly pursuant to
Regulation S of the Securities Act of 1933, in the names of a
95-year-old woman who lived with FEHER and his wife and seven
Bahamian companies that FEHER had secretly established.  FEHER
and his accomplices then sold the stock into the Unites States
market for approximately $5,500,000.

         In order to obtain a higher price when selling the
unregistered common stock, FEHER manipulated the price of Members
common stock by substantially overstating Members' assets in
Members' annual and quarterly reports filed with the Securities
and Exchange Commission and issuing false and misleading press
releases concerning Members business operations.  Between March
24, 1992 and June 3, 1992, FEHER manipulated the price of Members
common stock from approximately $4.00 per share to approximately
$12.00 per share, and thereafter maintained an artificially-high
price for Members common stock.

         This is the first criminal prosecution involving a
scheme to avoid the registration requirements of the Securities
Act of 1933 through the sale of securities purportedly in
reliance on the Regulation S exemption from such requirements.
Regulation S provides a limited exemption from the federal
registration requirements for stock sold to overseas purchasers. 
Regulation S provides no exemption, however, for transactions
designed as a scheme to avoid the registration requirements nor
does it cover any sales of securities made in the United States.