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                SECURITIES AND EXCHANGE COMMISSION
                          Washington, DC

Litigation Release No. 15311 / April 1, 1997

SECURITIES AND EXCHANGE COMMISSION v. BANNER FUND INTERNATIONAL,
SWISS TRADE AND COMMERCE TRUST LTD., LLOYD R. WINBURN, EDDIE R.
BLACKWELL AND BERT C. THOMPSON, United States District Court for
the District of Columbia, Civil Action No. 94-0342 (EGS)

     The Securities and Exchange Commission ("Commission") today
announced that the United States District Court for the District
of Columbia has entered final judgments against Bert C. Thompson
("Thompson") and Banner Fund International ("Banner Fund"). 
According to the Commission's complaint, the defendants engaged
in a fraudulent scheme to offer and sell unregistered securities
issued by Banner Fund, an unregistered foreign investment company
that was illegally doing business in the United States.

     According to the Commission's pleadings:

     Between late 1992 and February 1994, the defendants raised
approximately $6.5 million by defrauding more than 10,000
investors, most of whom reside in the United States. 
Specifically, the defendants distributed promotional materials
falsely claiming to provide a means for small investors, with
contributions of as little as $200, to participate in an
investment employing sophisticated leverage and arbitrage trading
techniques utilized by large international financial
institutions.  Defendants misrepresented that investors would
receive extraordinary returns with virtually no risk of loss, and
high liquidity.  Defendants Lloyd R. Winburn ("Winburn"), Eddie
R. Blackwell ("Blackwell"), Swiss Trade & Commerce Trust Ltd.
("Swiss Trade") and Banner Fund also misrepresented to investors
how they would invest monies received in the Banner Fund
offering.  Certain of the fraud proceeds were transferred to
entities controlled by defendants Winburn and Blackwell or their
family members.  Defendant Thompson marketed Banner Fund
securities by creating and distributing promotional materials.

     On March 21, 1997, the Court entered a Final Judgment of
Permanent Injunction against Thompson by consent.  Without
admitting or denying the allegations of the complaint, Thompson
consented to a permanent injunction against violations of
Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933
("Securities Act"), Section 10(b) of the Securities Exchange Act
of 1934 ("Exchange Act"), and Rule 10b-5 thereunder, and Section
7(d) of the Investment Company Act of 1940 ("Investment Company
Act").  Thompson agreed to disgorge $12,730, the full amount he
received from the conduct alleged in the complaint.  The Court
waived payment of prejudgment interest, and did not order a civil
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penalty, in light of Thompson's demonstrated inability to pay
based upon his sworn representations in a statement of financial
condition.

                              - 2 -

     On March 24, 1997, the Court entered a Final Judgment of
Permanent Injunction against Banner Fund by default.  The
judgment permanently enjoins Banner Fund from future violations
of Sections 5(a), 5(c), and 17(a) of the Securities Act, Section
10(b) of the Exchange Act and Rule 10b-5 thereunder, and Section
7(d) of the Investment Company Act.  The judgment further directs
Banner Fund to disgorge $6.5 million plus prejudgment interest. 
The Court entered this judgment without prejudice to the
Commission's seeking to modify the amount of Banner Fund's
disgorgement should the Commission become aware of facts
justifying such modification.

     The Commission's action against Swiss Trade, Winburn and
Blackwell is pending. (See Litigation Release Nos. 13976,
February 24, 1994; 13985, March 1, 1994; and 13995, March 8,
1994)