UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No. 15373 / May 22, 1997

     IN RE:  KENNETH MITCHELL WIGGINS, JR. AND STEPHANIE ANN WIGGINS, DBA
     WIGGINS & COMPANY, INC., DBA FIRST CASCADE SECURITIES, INC.,
     Bankruptcy Number 96-04754, SECURITIES AND EXCHANGE COMMISSION v.
     KENNETH MITCHELL WIGGINS, JR. AND WIGGINS & COMPANY, INC. Adversary
     Number 96-08694 (Bankr. W. Wash. 1996)

          The Securities and Exchange Commission announced that on May 15,
     1997, the Honorable Samuel J. Steiner, United States Bankruptcy Judge
     for the Western District of Washington, ordered that the $1,612,895
     debt that defendants Kenneth Mitchell Wiggins, Jr. and Wiggins &
     Company, Inc. consented to pay in Securities and Exchange Commission
     v. Kenneth Mitchell Wiggins, Jr. and Wiggins & Company, Inc., Civil
     Action No. C-94-1455WD (W. D. Wash.) could not be discharged through
     the defendants' Chapter 7 bankruptcy proceeding.  The defendants
     stipulated to the Bankruptcy Court's order of nondischargeability
     without admitting or denying the allegations in the Commission's
     complaint.

          The Commission's complaint, filed on July 29, 1996, alleged that
     the approximately $950,000 Wiggins and Wiggins & Co. raised through
     the sale of fractionalized interests in worthless nineteenth century
     Peruvian gold bonds could not be discharged in bankruptcy due to the
     defendants' securities fraud.  The Commission alleged that during the
     period 1987 to 1993 the defendants committed securities fraud when
     they misrepresented to 19 investors that the worthless gold bonds had
     a value of $20,000,000 to $150,000,000, that they were owned by the
     defendants, and that their sale would make the investors rich.  






















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