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             U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 15210 / January 9, 1997

SECURITIES AND EXCHANGE COMMISSION v. CITI FINANCIAL SERVICES,
CITI CORP REALTY PARTNERS IV, HAROLD GOLDSTEIN, RICHARD THOMAS
MANDELL, a.k.a. MARK MORGENLENDER, ROBERT SINGLETON, MARK
BARQUERA, a.k.a. MARK CABRERRO and ROBERTA CRAMPTON, Civil Action
No. 96-0349 WJR (BQRx) (C.D. Cal.)

     The Securities and Exchange Commission ("Commission")
announced that on December 26, 1996, United States District Judge
William J. Rea of Los Angeles granted the Commission's motion for
summary judgment against Harold Goldstein and Robert Singleton. 
Judge Rea permanently enjoined Goldstein and Singleton from
future violations of Section 17(a) of the Securities Act of 1933
and Section 10(b) of the Securities Exchange Act of 1934 and Rule
10b-5 thereunder.  Judge Rea held Goldstein liable for
$282,903.43 in disgorgement and prejudgment interest, and found
Robert Singleton liable for $199,747.68 in disgorgement and
prejudgment interest, plus civil penalties in the amount of
$150,000.

     From October 1995 through the filing of the Commission's
action on January 17, 1996, Goldstein, an inmate who was at the
federal correctional facility in Lompoc, California and Singleton
of Salt Lake City, Utah who was on federal parole, along with the
other defendants sold fictitious certificates of deposit which
they falsely claimed were issued by Citibank in New York and
insured by the federal government.  On January 18, 1996, the
Commission obtained a temporary restraining order against the
defendants halting the sales of the fictitious certificates of
deposit and freezing the assets of Goldstein, Singleton, and some
of the other defendants.  On February 9, 1996, the Commission
obtained a preliminary injunction which continued to bar the
defendants from committing the fraudulent sales and continued the
asset freeze.  

     The scheme was directed by Goldstein and executed by
Singleton along with several other paroled felons living in Los
Angeles.  In selling the fictitious instruments, the defendants
conducted a nationwide newspaper and direct marketing campaign
aimed at luring elderly investors into purchasing the bogus
securities.  The defendants defrauded individual investors out of
approximately $267,000.  In addition, the Commission learned that
in response to the defendants' marketing efforts, hundreds of
potential victims had expressed an interest in purchasing the
fictitious securities prior to the issuance of the temporary
restraining order.  
 
     For further information, see Litigation Release Nos. 14789
and 14815.