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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No.  15079 / September 27, 1996

SECURITIES AND EXCHANGE COMMISSION V. DANIEL E. GOODMAN, (United
States District Court for the Southern District of Florida, Civil
Action No. 96-7078)

     The Securities and Exchange Commission announced that on
September 18, 1996, the Commission filed a Complaint for a
Permanent Injunction and Other Equitable Relief in the United
States District Court for the Southern District of Florida
against Daniel E. Goodman (Goodman).  In its Complaint, the
Commission alleges that from September 1992 to December 1993,
Goodman fraudulently offered and sold securities for two Florida
corporations for which he was sales manager, Junction Financial
Corporation (Junction Financial) and U.S. Ostrich Corporation
(U.S. Ostrich), in an ostrich breeding and marketing venture to
at least 1100 investors in 48 states, the District of Columbia
and Canada raising a total of over $3.2 million.  In December
1993, Junction Financial and its promoters were permanently
enjoined in SEC v. Junction Financial et al (93 CV 7082 S.D.
Fla.) from further violations of the registration and antifraud
provisions of the federal securities laws for their roles in the
same scheme which culminated in the allegations against Goodman. 

     Specifically, the Commission alleges that Goodman, while
acting as an unregistered broker, raised money from investors by
misrepresenting the use of investor funds and the potential
return on their investment.  Investors were told that the
majority of the funds raised would be used to purchase and breed
ostriches and that they could expect a 50% to 75% return on their
investment.  In reality, most of the investor funds went to pay
the salaries of Junction Financial and U.S. Ostrich employees and
to extend loans, which were never repaid, to the principals of
Junction Financial and U.S. Ostrich.  Goodman also failed to
disclose his own regulatory background, the regulatory
backgrounds of Junction Financial and its principals and his own
financial interest in the venture.  As a result, the investors
lost nearly their entire investments.  

     As a consequence of Goodman's actions, the Commission
alleges that Goodman violated Sections 17(a)(1), 17(a)(2) and
17(a)(3) of the Securities Act of 1933, Sections 10(b), 15(a)(1)
and 15(c)(1) of the Securities Exchange Act of 1934 and Rules
10b-5 and 15c1-2 promulgated thereunder.  The Commission also
seeks disgorgement of all of Goodman's ill-gotten gains acquired
through this scheme, the imposition of civil penalties and other
ancillary relief.