U.S. SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.


     Litigation Release No.15414 / July 16, 1997

     SECURITIES AND EXCHANGE COMMISSION v. HAROLD E. TOBIN, Civil Action No. 97-
     5124 IH (SHx) (C.D. Cal.)

          The Securities and Exchange Commission filed a Complaint today in
     federal district court in Los Angeles against Harold E. Tobin ("Tobin"), a
     resident of Rancho Mirage, California.  Tobin, who is 57 years old, was the
     president, founder, and sole shareholder of defunct Tobin Investment
     Corporation ("TIC"), which was located in Huntington Beach, California. 
     The Commission alleges that Tobin fraudulently raised $4,952,505 from 90
     mostly elderly investors nationwide from September 1994 until January 1995
     through the offer and sale of promissory note investments.  The money
     raised from investors was to be used to fund a Las Vegas, Nevada
     residential real estate development project called "Rancho Mirage."  The
     Rancho Mirage project was never developed, and most of the money raised in
     the offering was used to pay:  (a) construction costs associated with other
     real estate projects being developed by Tobin and financed by TIC;
     (b) interest to investors in other real estate projects being developed by
     Tobin and financed by TIC; (c) interest to investors in the Rancho Mirage
     project; (d) an undisclosed 3% commission to TIC sales agents; and (e) an
     undisclosed payment of 5% to TIC for "operating costs."
      
          The Complaint alleges that Tobin violated the securities registration
     provisions of Sections 5(a) and 5(c) of the Securities Act of 1933, the
     antifraud provisions of Section 17(a) of the Securities Act of 1933 and
     Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
     thereunder, and the broker-dealer registration provisions of Section
     15(a)(1) of the Securities Exchange Act of 1934.  The Complaint seeks a
     permanent injunction against Tobin and disgorgement, with prejudgment
     interest, of all profits derived from his fraudulent activities.

















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                       U.S. SECURITIES AND EXCHANGE COMMISSION
                               PACIFIC REGIONAL OFFICE
                               LOS ANGELES, CALIFORNIA


     NEWS DIGEST

     COMMISSION FILES COMPLAINT AGAINST HAROLD E.TOBIN

          On July 15, 1997, the Commission filed a Complaint against Harold E.
     Tobin (Tobin), the president, founder, and sole shareholder of Tobin
     Investment Corporation (TIC).  The Complaint alleges that from September
     1994 until January 1995, Tobin raised $4,952,505 from 90 mostly elderly
     investors nationwide through the offer and sale of unregistered promissory
     notes secured by fractionalized and unfractionalized deeds of trust.  The
     offering proceeds were to be used to fund a Las Vegas, Nevada residential
     real estate development project called "Rancho Mirage."  However, most of
     the money raised by TIC in the Rancho Mirage offering was used to pay: 
     construction costs associated with other real estate projects being
     developed by Tobin and financed by TIC; interest to investors in other real
     estate projects being developed by Tobin and financed by TIC; interest to
     investors in the Rancho Mirage project; an undisclosed 3% commission to TIC
     sales agents; and an undisclosed payment of 5% to TIC for "operating
     costs."

          The Complaint seeks an order permanently enjoining Tobin from future
     violations of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933,
     Sections 10(b) and 15(a)(1) of the Securities Exchange Act of 1934, and
     Rule 10b-5 thereunder, and disgorgement, with prejudgment interest, of all
     profits derived from his fraudulent activities.

     SECURITIES AND EXCHANGE COMMISSION v. HAROLD E. TOBIN, Civil Action No. 97-
     5124 IH (SHx) (C.D. Cal.)

     Lisa A. Gok
     Assistant Regional Director
     Office of Enforcement
     Pacific Regional Office/Los Angeles
     (213) 965-3835
     (213) 965-3812 (FAX)













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