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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 15368 / May 16, 1997

SECURITIES AND EXCHANGE COMMISSION v. CHANNA WICKREMERATNE a/k/a
CHANNA WICK and OPTIONS GROUP TRADING COMPANY, DEFENDANTS, United
States District Court for the Northern District of Illinois, 
No.97-C 3558 (Honorable Harry Leinenweber). 

     The Securities and Exchange Commission announced that it
obtained an Order of temporary restraint against Channa
Wickremeratne a/k/a Channa Wick (Wick) and Options Group Trading
Company (Options Group).  The Order, entered on May 14, 1997,
restrains Wick and the Options Group from continuing to engage in
violations of Section 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 promulgated thereunder and
Section 206(1) and (2) of the Investment Advisers Act of 1940. 
The Commission also received an order freezing all of the assets
of Wick and Options Group.

     Since at least April 1996, Wick and Options Group have been
engaged in a scheme to defraud investors by misstating the
composition of other Option's Group investors, Wick's employment
and educational history and any affiliation with the Chicago
Board of Options Exchange (CBOE).  Moreover, Wick and Options
Group failed to tell investors of Wick's criminal history.  The
defendants received approximately $259,000 from at least six
investors.  Investors were told that their funds would be
combined with the funds of other investors, including Nike
Corporation's employee pension fund, to trade options and futures
contracts.  Neither Wick nor Options Group have any affiliation
with Nike, including trading its pension fund.  In addition, Wick
and Options Group made the following misrepresentations to
investors:  (1) that Wick was a program trader and partner with
Goldman, Sachs & Co.; (2) that he had graduated third in his
class from Cornell University; (3) that Wick had graduated first
in his class from Harvard's business school; and (4) that Wick
and/or Options Group had seats at the CBOE.  Finally, Wick and
the Options Group failed to tell investors that Wick, pursuant to
a plea agreement, was criminally convicted of bank fraud.