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                SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 15291  /  March 14, 1997

S.E.C. v. Global Financial Traders, Ltd. et al., Docket No. 97
CIV. 1753 (DC) (U.S.D.C., S.D.N.Y.)

     The Securities and Exchange Commission announced the filing
of a Complaint in the United States District Court for the
Southern District of New York, on March 13, 1997, seeking a
temporary restraining order, preliminary and permanent
injunctions, and other relief against Global Financial Traders,
Ltd., BGSG Holding Corp., Michael R. Reilly, John J. Kenna,
Vincent J. Iovine and David S. Coleman; the Commission also
sought an asset freeze against Global, BGSG, Reilly and Kenna.

     The Commission's Complaint alleges the defendants have been
violating Section 10(b) of the Securities Exchange Act of 1934
and Rules 10b-5 and 10b-6 promulgated thereunder and Rules 101
and 102 of Regulation M promulgated thereunder.  The Commission
alleges that Reilly and Kenna are currently engaged in a scheme
in which they have:  (1) obtained a large undisclosed position in
the stock of American Image Motor Company, a security traded on
the OTC Bulletin Board; (2) used a concerted telemarketing
campaign by personnel at Global, which is controlled by Reilly
and Kenna, and recommendations in a newsletter published by
Global to promote the stock, making material misrepresentations
concerning the market for American Image stock and failing to
disclose Reilly and Kenna's interest in the security; (3) sold
large amounts of American Image stock from accounts which they
control; and (4) have maintained the market price for American
Image stock through purchases of the stock and by directing a
trader at a registered broker-dealer to raise or lower quotations
on American Image stock.  It is further alleged that Iovine and
Coleman, both traders at registered broker-dealers, have bid for
and purchased American Image stock in order to maintain the
market for the security within a desired trading range.It is
alleged Global, BGSG, Reilly and Kenna have realized over $5.8
million in net profits from trades in American Image stock. 

     On March 13, 1997, the Honorable Denny Chin, United States
District Judge, granted the Commission's application and issued a
temporary restraining order, asset freeze and the other requested
relief.  Judge Chin also scheduled a March 24, 1997, hearing on
the Commission's application for a preliminary injunction.