UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 15263 / February 25, 1997

UNITED STATES OF AMERICA v. LYNN ROY OYLER, 1:96CR 0042J
(D. Utah)

     The Securities and Exchange Commission announced that on
February 21, 1997, Lynn Roy Oyler was sentenced in Salt Lake
City, Utah by United States District Judge Bruce Jenkins to
forty-six months of incarceration, followed by thirty-six months
supervised release, and ordered to pay restitution to defrauded
investors of $3.2 million.  On December 11, 1996, Oyler had pled
guilty to one count of wire fraud in violation of 18 U.S.C. 
1343, and one count of failure to file a federal income tax
return in violation of 26 U.S.C.  7203.  

     The indictment charged that Oyler, beginning in
approximately July 1991 and continuing through approximately
February of 1993, devised a fraudulent scheme whereby he, through
Interfirst Equities Corporation, World Income Trust and Delta
Star Corporation, offered and sold investments in what was termed
a "roll program" or letter of credit program, falsely
representing to investors that, among other things, (1) the
program was highly lucrative for investors; (2) the program was
highly leveraged and would offer a high rate of return of up to
25% per month; (3) the investors' funds would be combined with
other funds and deposited into a transaction account held with an
international bank which was handling the transaction; (4) the
investors' funds would be leveraged four times; and (5) there was
an ongoing relationship with several "prime banks" and the
instruments purchased and leveraged would be scrutinized by two
separate banking entities prior to each transaction.  The
indictment further charges that investors were told that the
program was generating a return for them when Oyler was in fact
using funds to pay off the earlier investors in the manner of a
pyramid scheme.  The scheme caused approximately 260 investors to
lose approximately $3 million.

     The above scheme ended on or about March 1, 1993, when the
Commission filed a civil injunctive action, obtaining a Temporary
Restraining Order, an asset freeze and other relief against
Oyler.  Oyler was permanently enjoined from violating the
antifraud provisions of Section 17(a) of the Securities Act and
Section 10(b) and Rule 10b-5 of the Securities Exchange Act as
well as the registration provisions of Sections 5(a) and 5(c) of
the Securities Act, pursuant to his consent, on October 19, 1994.

Securities and Exchange Commission v. Lynn R. Oyler, Delta Star
Corporation, Bowen Bo Wagner, Interfirst Equities Corporation and
Fortune Plus Management Company, Civil Action No. 93-NC 033S (D.
Utah).  See LR 15195 (December 19, 1996); LR 13548 (March 4,
1993); LR 13562 (March 16, 1993); LR 13720 (July 21, 1993); LR
13874 (November 15, 1993).