UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     LITIGATION RELEASE NO. 15424 / July 28, 1997

     SECURITIES AND EXCHANGE COMMISSION v. GEOFFREY PAUL ADAMS, et al.,3:96-CV-
     0300-H, USDC, ND/TX (Dallas Division)

          The Securities and Exchange Commission ("Commission") announced that
     on July 16, 1997, in United States District Court for the Northern District
     of Texas, a Final Judgment of Permanent Injunction and Other Equitable
     Relief was entered against Geoffrey Paul Adams ("Adams"). Without admitting
     or denying the allegations in the Commission's complaint, Adams consented
     to enjoined from future violations of the anti-fraud provisions of the
     federal securities laws (Section 17(a) of the Securities Act of 1933,
     Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5
     thereunder, and Sections 206 and 207 of the Investment Advisers Act of 1940
     ("Advisers Act"), and Rule 206(4)-2 thereunder), and recordkeeping and
     customer disclosure requirements for registered investment advisers
     (Section 204 of the Advisers Act and Rules 204-1, 204-2, and 204-3
     thereunder.)

          The Court also ordered Adams to pay disgorgement in the amount of
     $273,262.16, representing commissions and other fees received by Adams from
     the conduct alleged in the complaint, plus pre-judgment interest of
     $76,296.77. However, payment of all but $29,164.77 was waived based on
     Adams's demonstrated financial inability to pay the full amount. The Court
     did not order Adams to pay a civil penalty based on his poor financial
     condition.

          The Commission's complaint alleged that Adams participated in the sale
     of over $3 million in interests or shares in the GPA Growth Fund and its
     pooled brokerage accounts to over 100 people.  Further, the complaint
     alleged that Adams made material misrepresentations and omissions of
     material fact in connection with the offer and sale of GPA Growth Fund
     shares, concerning, among other things, the rate of return on the
     investments and the use of proceeds.  

















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