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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION


LITIGATION RELEASE NO. 15057 / September 19, 1996

SECURITIES AND EXCHANGE COMMISSION v. JOHN P. ACORD, ET AL.
3:95-CV-2728-T, USDC ND/TX [Dallas Division]

     The Securities and Exchange Commission ("Commission")
announced that Final Judgments were entered on September 13,
1996, in United States District Court, Dallas, Texas, against
defendants John P. Acord ("Acord"), Michael L. Medkiff
("Medkiff"), Great Western Management Corp. ("Great Western"),
Douglas H. Kennett ("Kennett"), Equity Assurance Corp. ("EAC"),
and nominal defendant Sean Ortega ("Ortega"), and on September
17, 1996, against defendant Susan M. Hall ("Hall"). All of the
defendants, except Ortega, were permanently enjoined from future
violations of the Section 17(a) of the Securities Act of 1933
("Securities Act"), and Section 10(b) of the Securities Exchange
Act of 1934 ("Exchange Act"), and Rule 10b-5 thereunder.
Additionally, Acord, Hall, Kennett and EAC were enjoined from
violations of Sections 5(a) and 5(c) of the Securities Act, and
Medkiff, Great Western, Kennett and EAC were enjoined from
violations of Section 15(a) of the Exchange Act. The defendants
consented to the entry of the final judgments without admitting
or denying the allegations in the Commission's complaint.

     The Commission's complaint alleged that the defendants
raised at least $9.7 million from over 813 investors through the
offer and sale of interests in limited partnerships formed to
invest in low-income housing properties.  The complaint also
alleged that the defendants made false and misleading statements
of material facts concerning, among other things, the intended
uses for investors' funds, the condition and value of the
underlying properties and the attendant likelihood of profitable
operations.  According to the complaint, investor monies were
used, among other things, to make fraudulent profit distributions
to prior investors and for the personal expenses of defendants
Acord, Hall and Kennett.  Further, the complaint alleged that
defendant Acord diverted investor monies to his brother, Ortega,
who used these monies to pay personal expenses for himself,
Acord, and other family members.

     The Court also ordered Acord and Ortega to disgorge, jointly
and severally, $607,000, plus prejudgment interest of $84,756;
Medkiff and Great Western to disgorge, jointly and severally,
$255,000, plus prejudgment interest of $31,689; Kennett and EAC
to disgorge, jointly and severally, $383,000, plus prejudgment
interest of $53,479; and Hall to disgorge $145,400, plus
prejudgment interest. However, based on each defendant's
demonstrated financial inability to pay, the Court waived the
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disgorgement amounts, plus interest, and did not impose civil
penalties.