U.S. SECURITIES AND EXCHANGE COMMISSION

     LITIGATION RELEASE NO. 15418 / July 24, 1997

     SECURITIES AND EXCHANGE COMMISSION V. STEPHEN J. MURPHY
     Civil Action No. CV 97-2719 JMI (CWx) (C.D. Cal.)

          The Securities and Exchange Commission ("Commission") announced that
     on July 15, 1997, the Honorable James M. Ideman, United States District
     Judge, entered a permanent injunction ("Injunction") against a repeat
     securities violator from Playa del Rey, California, Stephen J. Murphy
     ("Murphy"), for his role in a scheme involving selling investments in a
     business that was to own and operate automated teller machines ("ATMs").

          In its Complaint, the Commission alleges that since at least June
     1996, Murphy offered and sold limited partnership interests through a Los
     Angeles company doing business as ATM Global, Inc. ("ATM Global").  The
     limited partnership was to raise $2.8 million from investors and then
     acquire, own and operate ATMs nationwide.  ATMs generate revenue through
     transaction fees charged to customers who use them.  The written offering
     materials that Murphy approved state that the projected return to investors
     would be over 176% in the first year and 203% annually in the second
     through seventh years.  Murphy designed the limited partnership program and
     led the promotional and sales efforts.  To date, Murphy himself has raised
     at least $377,500 from investors located in Southern California, South
     Carolina and Virginia.

          The Commission alleges that, in offering and selling the limited
     partnership interests to investors, Murphy misrepresented his identity by
     using the aliases "Jack Davis," "Gregg Davis" and "Mike Fox."  Furthermore,
     as set forth in the Commission's Complaint, Murphy failed to disclose the
     entry of, and the terms of, a 1994 Final Judgment entered against him in an
     earlier Commission action enjoining him from future fraud and registration
     violations of the federal securities laws.  SEC v. American Capital
     Investments, et al., Civil Case No. CV-93-5280 CBM (JRx)(C.D. Cal.)(Lit
     Rel. No. 14185).  In that case, the Commission alleged that Murphy
     fraudulently offered and sold investments in real estate ventures.  Murphy
     also failed to disclose that, in 1994, the Commission had revoked his
     registration as an investment adviser and barred him from the securities
     industry.  Murphy further failed to disclose that another company he owned
     and managed, American Capital Investments, Inc., was placed into
     receivership.

          The Injunction permanently enjoins Murphy from future fraud violations
     of the federal securities laws.  Specifically, the Injunction enjoins
     Murphy from future violations of Section 17(a) of the Securities Act of
     1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
     thereunder.  The Injunction 

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     also continues a freeze on Murphy's assets until further order of the
     Court.  The Injunction additionally orders that Murphy shall pay
     disgorgement, prejudgment interest and, if appropriate, civil penalties in
     amounts subsequently to be determined by the Court.  Murphy consented to
     the entry of the Injunction without admitting or denying the Commission's
     allegations.

          On April 21, 1997, the Commission obtained a temporary restraining
     order against Murphy to freeze his assets to protect investor funds.  On
     May 15, 1997, the Court entered a preliminary injunction against Murphy
     which continued the asset freeze.










































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