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             U.S. Sceurities and Exchange Commission

Litigation Release No. 15231 / January 30, 1997

SEC v. Jerome E. Pinckney, Richard L. Arnold, Donald E. Elder,
Fernando Cruz, Shaun K.R. Maxwell, Anthony Bukovich, Jr., and Six
Capital Corporation                                             
(E.D.N.C., Civil Action No. 7:95-CV-122-BR-1)


     The Securities and Exchange Commission announced today that

on December 30, 1996, the Honorable W. Earl Britt, United States

District Judge for the Eastern District of North Carolina,

entered an order of permanent injunction against defendant,

Richard L. Arnold ("Arnold"), from violating Section 17(a) of the

Securities Act.  

     Arnold consented to the relief without admitting or denying

the allegations set forth in a complaint filed by the Commission

on August 23, 1995.  The complaint alleged that Arnold violated

the antifraud statute by offering for sale investment contracts

which were part of a prime bank scheme.  Arnold attempted to

obtain funds from investors by misrepresenting or failing to

disclose material facts in connection with the sale of prime bank

notes.  Among other misrepresentations, Arnold falsely

represented that the investments were risk-free and that

contractual guarantees of payment were being given by a major

United States bank.