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             U. S. Securities and Exchange Commission

Lititgation Release No.  15024  \  August 26, 1996
SEC v. Louis Bethune, Charles Howard and John Jackson, U.S.D.C.,
N.D. Alabama, Civil Action File No. CV 95-2509-S (September 29,
1995)

     The United States Securities and Exchange Commission
("Commission") announced that on August 8, 1996, the Honorable
Sharon Lovelace Blackburn of United States District Court for the
Northern District of Alabama entered a final judgment of
permanent injunction against defendant John Jackson, Mayor of
White Hall, Alabama, prohibiting Jackson from future violations
of Section 17(a) of the Securities Act of 1933 and Section 10(b)
of the Securities Exchange Act of 1934.  Jackson consented to the
entry of the permanent injunction against him without admitting
or denying the allegations of the complaint.  The Commission s
complaint, filed September 29, 1995, alleged that the defendants
participated in a fraudulent scheme to pledge $300 million in
revenue bonds purportedly secured by prime bank securities and
issued by the Redevelopment Authority of White Hall ("Authority")
in an attempt to obtain a $255 million margin loan from a
Sarasota, Florida office of Smith Barney, Inc. ("Smith Barney"). 
The complaint also alleges that prime bank securities do not
exist and that all series of the bonds issued by the Authority
contained multiple misrepresentations, including fundamental
misrepresentations that the bonds were "Bank Guaranteed," and
that they were backed by "Prime Bank Securities, issued by a an
acceptable institution in good standing." 
See also, LR.-14675/October 2, 1995