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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 15335 / April 17, 1997   

SEC v. Neil A. Liechty and Neil A. Liechty, Inc.
(S.D. Al., Civil Action No. 97-149-RV)

     The Securities and Exchange Commission announced today that
on March 18, 1997, the Honorable Richard W. Vollmer, United
States District Judge for the Southern District of Alabama,
entered a judgment of permanent injunction and other relief
against Neil A. Liechty ("Liechty") and Neil A. Liechty, Inc.
("NLI"), enjoining them from violating Sections 5(a), 5(c), 17(a)
and 23 of the Securities Act of 1933 and Section 10(b) of the
Securities Exchange Act of 1934 and Rule 10b-5 thereunder.  The
Court further ordered Liechty and NLI to prepare a sworn
accounting of all monies received from the sale of interests in
limited partnerships formed to develop apartment complexes,
within 60 days of the date of the order.  Disgorgement and civil
penalties are to be determined upon receipt of the financial
statements.

     Liechty and NLI consented to the relief without admitting or
denying the allegations set forth in a complaint filed by the
Commission on February 27, 1997.  The complaint alleged that
Liechty and NLI misrepresented material facts in the offer and
sale of limited partnership interests formed to develop apartment
complexes in Alabama and Florida.  Among other representations,
Liechty and NLI claimed that the issuers would be debt-free, that
certain facilities would be built with the proceeds of the
offerings and that only a specified dollar amount of the
securities would be sold.  Liechty and NLI also failed to
disclose to the investors that funds from the various entities
were being comingled.  Liechty and NLI sold approximately $26
million worth of securities to primarily elderly investors.