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             U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 15270 / February 28, 1997

SECURITIES AND EXCHANGE COMMISSION v. JOY L. BOUWKAMP, ET AL.,
Civil Action 95-5975 JSL (SHx)

     The Securities and Exchange Commission announced that, on
January 15, 1997, the Honorable J. Spencer Letts, United States
District Judge for the Central District of California, issued a
Final Judgment Of Permanent Injunction against defendant Joy L.
Bouwkamp ("Bouwkamp"). Final Judgments of Permanent Injunction
were also issued against defendants Joe L. Hallock ("Hallock")
and Thomas M. Grahovac ("Grahovac") on February 5, 1997 and
February 6, 1997, respectively.  Defendants Bouwkamp and Grahovac
had consented, without admitting or denying the allegations in
the Complaint, to the entry of the final judgments.  The Final
Judgment of Permanent Injunction against Hallock was obtained as
a result of a summary judgment motion filed by the Commission. 
Bouwkamp and Hallock are enjoined from violations of the
securities registration and anti-fraud provisions of the federal
securities laws.  Grahovac is enjoined from the anti-fraud
provisions. 

     The Commission's Complaint, filed on September 6, 1995, (See
LR-14631) named three other defendants besides Bouwkamp, Hallock
and Grahovac.  The Complaint alleged that defendants Bouwkamp and
Hallock, principals of B.H. Rothchild & Gray (Canada) Lt'ee (B.H.
Rothchild), formerly located in Tustin, California, raised
approximately $24 million from about 480 investors from the
United States and Canada, between 1990 and 1992, in connection
with the sale of investments in a purported seafood financing
program.  The financing program was to be administered by B.H.
Rothchild and was to involve its subsidiary Ocean Best Seafood &
Trading, Inc.  There was, however, no financing program and
investor funds were used to pay investors their purported
returns, to pay expenses for unrelated businesses and projects
and to pay personal expenses.  Defendants Bouwkamp, Hallock and
Grahovac, an officer B.H. Rothchild, variously made material
misrepresentations and omissions to investors concerning, among
the other things, the use of funds raised, the financial
condition of B.H. Rothchild and Ocean Best and the safety of the
investments.  

     The Complaint alleged that Bouwkamp and Hallock violated
Sections 5(a), 5(c) and 17(a) 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 thereunder.  The
Complaint also alleged that Grahovac violated Section 17(a) of
the Securities Act, Section 10(b) of the Exchange Act and Rule
10b-5 thereunder.