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                SECURITIES AND EXCHANGE COMMISSION
                         WASHINGTON, D.C.


LITIGATION RELEASE NO. 15300 / March 18, 1997

INTERNATIONAL SERIES RELEASE NO. 1065 / March 18, 1997


SECURITIES AND EXCHANGE COMMISSION v. DUNNE FINANCE LIMITED ,
(Royal Court of Guernsey)

      The Commission announced that on February 28, 1997, in the
matter of SEC v. Dunne Finance Limited-[1]-, the Royal Court of
the Island of Guernsey, Channel Islands, entered an order
releasing to the Commission and repatriating $ 195,305,
consisting of illicit proceeds previously frozen in connection
with the fraudulent sale of unregistered stock to U.S. investors.

In the Dunne Finance proceeding, the first ever brought by the
Commission in Guernsey, the Commission filed an action on April
13, 1993, ancillary to the matter of SEC v. Pacific Waste
Management, Inc.-[2]-, for the purpose of freezing the
assets of Dunne Finance Limited (Dunne Finance), a British Virgin
Islands Corporation and a relief defendant in the U.S. action, at
a bank in Guernsey.  The Royal Court issued an order on April 15,
1993, that, among other things, froze, until further notice, all
monies and assets up to the sum of $536,000 in the hands of the
Guernsey bank and held in the name of Dunne Finance. 

     In the underlying action commenced by the Commission in
1993, in the U. S. District Court for the District of Nevada, the
Commission alleged that unregistered stock of Pacific Waste
Management, Inc., which was sold in the U.S. and Canada through
fraudulent misrepresentations concerning the purported assets and
value of the company, emanated from shell companies incorporated
in the British Virgin Islands and operated through a Guernsey
trust company.  The Commission alleged that Pacific Waste, which
during the scheme achieved a market valuation of in excess of $76
million, in reality had no assets, income or operations.  The
shares of Pacific Waste sold into U.S. markets by the offshore
shell companies were owned by trusts held for the benefit of
Bruno Victor de Vincentiis, a resident of Vancouver, British
Columbia, and his family.  The Commission further alleged that

---------FOOTNOTES----------
     -[1]-     Royal  Court of Guernsey  (Ordinary Div.) (Channel
               Islands).   See SEC  Litigation Release No. 13617,
               Int'l Series Release No. 535 (Apr. 21, 1993).

     -[2]-     No. CV-N-93-232-ECR (D. Nev.).  See SEC Litigation
               Release  No. 13617,  Int'l Series Release  No. 535
               (Apr. 21, 1993).
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the shell companies were created solely to hold and sell inflated
Pacific Waste stock through accounts at U.S. broker-dealers, and
to deposit the fraudulently-obtained sales proceeds into various
bank accounts in Guernsey.  These sales proceeds were
consolidated in a "money box" bank account in Guernsey in Dunne
Finance's name.

     The Commission has moved the Court in Reno, Nevada to
appoint a Special Master to formulate a plan for distributing the
funds to defrauded U.S. investors.  That motion is pending before
the Court.