UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 15184 / December 17, 1996

SECURITIES AND EXCHANGE COMMISSION v. GEORGIA POOLEY HELLIWELL,
et al., 96 Civ. 9264, U.S.D.C., S.D.N.Y. 

The Securities and Exchange Commission ("Commission") today
announced the filing of a Complaint in the United States District
Court for the Southern District of New York alleging that Georgia
Pooley Helliwell ("Georgia Helliwell") received monies as part of
a fraudulent scheme perpetrated by her husband, Dennis Lindsay
Helliwell ("Helliwell"), who was previously enjoined from
violations of the antifraud provisions of the federal securities
laws.  The Commission is seeking disgorgement of all of the
unjust enrichment which Georgia Helliwell received as a result of
the federal securities laws violations by Helliwell, plus
prejudgment interest; an accounting; an asset freeze; the
appointment of a receiver; and such other and further relief as
the Court may deem just and equitable.  

Named in the Complaint, filed today, was:

     GEORGIA POOLEY HELLIWELL, age 38, who resides in Buffalo,
     New York.

As detailed in today's Complaint, on February 13, 1996, the
Commission filed a complaint against Helliwell and The Helliwell
Group Limited ("Helliwell Group"), a financial advisory services
firm of which Helliwell and Georgia Helliwell are co-owners,
president and vice-president, respectively, alleging violations
of the antifraud provisions of the federal securities laws.  The
first complaint alleged that, from in or before February 1986
through February 1996, Helliwell and the Helliwell Group raised
at least $2.58 million from at least thirty investors for whom
they were providing various financial services.  However,
Helliwell, Georgia Helliwell and the Helliwell Group
misappropriated most of the investors' funds, utilizing the money
for personal and business expenses, including the purchase of
automobiles and artwork.  After a trial on the merits, Helliwell
and the Helliwell Group were found by the Court to have violated
Sections 17(a)(1), 17(a)(2) and 17(a)(3) 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 promulgated
thereunder on February 20, 1996.  Permanent injunctions were
entered against Helliwell and the Helliwell Group on February 20,
1996.  SEC v. Dennis Lindsay Helliwell and The Helliwell Group
Limited, 96 CIV. 1045 (MP) (S.D.N.Y. February 20, 1996).  The
present action seeks to recover from Georgia Helliwell the gains
which she received as a result of her husband's fraudulent
scheme.

For further information, see Lit. Rel. Nos. 14816 and 14859.