UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     LITIGATION RELEASE NO. 15408 / July 8, 1997

     UNITED STATES OF AMERICA V. MICHAEL ANTHONY CHMIEL, H-96-263, USDC, SD/TX

          The United States Attorney for the Southern District of Texas
     announced that on May 20, 1997 Michael Anthony Chmiel ("Chmiel"), pled
     guilty to 19 counts of Money Laundering (18 U.S.C.  1956(a)(2)(B)(i) and
     2(b)).

          The indictment charged that Chmiel, a registered representative at MBM
     Investment Corp., a broker-dealer registered with the United States
     Securities and Exchange Commission, had wealthy Mexican clients who owned
     shares in mutual funds managed by Guinness Flight Funds Managers of
     Guernsey ("Guinness Flight"), a fund manager located in the British Channel
     Islands.  In his Plea Agreement, Chmiel pled guilty to charges that he
     forged the signatures of four foreign clients in order to use their
     Guinness Flight holding as collateral on $2 million in loans from Guinness
     Mahon Guernsey Limited ("Guinness Mahon"), a bank with its principal place
     of business also located in the British Channel Islands.  Chmiel then
     transferred loan proceeds first to a Cayman Islands bank account he
     controlled and subsequently to various bank accounts in the United States. 
     Chmiel spent approximately $1.3 million of the funds, including $450,000
     for the purchase of a house in Houston.  In the Plea Agreement, Chmiel
     agrees to make full restitution to all victims of his offense. 
          
          Chmiel will be sentenced by United States District Judge Norman Black
     on August 8, 1997.
























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