SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.

     LITIGATION RELEASE NO. 15434 / August 6, 1997

     SECURITIES AND EXCHANGE COMMISSION V. MICHAEL SNOWHITE, BLS CONSULTING,
     CHARLES BORATGIS, PAUL LAND, JEFFREY STERN, SHELLEY OLANDER, MORREY
     WASSERMAN, 900 FINANCIAL SERVICES, L.L.C., DAVID KANE, AND SAM SARCINELLI
     D/B/A/ S&S CONSULTING
     Civil Action No. C-97-2888 (VRW)

          The Securities and Exchange Commission (the "Commission") today
     announced the filing of a Complaint in the United States District Court for
     the Northern District of California against Michael Snowhite, BLS
     Consulting, Charles Boratgis, Paul Land, Shelley Olander, Morrey Wasserman,
     900 Financial Services, L.L.C., David Kane, and Sam Sarcinelli d/b/a S&S
     Consultants, alleging that the defendants violated certain of the
     antifraud, securities registration, and broker-dealer registration
     provisions of the federal securities laws in connection with the sale of
     general partnership units in a 900 telephone line venture.  

          The Complaint alleges that certain of the defendants made material
     misrepresentations in the offering materials and in telephone
     solicitations, that prospective investors could receive between a 24
     percent return, for a four month period, to a 203 percent return, for a
     sixteen month period, on their investment in Telefund, and that these and
     other projections of extraordinarily high returns to investors were without
     basis in fact.  Ultimately, Telefund received a total of $1,180,000 from
     investors, most of which was used to pay sales commissions and other
     initial start up costs, according to the Complaint.  In the Complaint, the
     Commission seeks a permanent injunction against defendants Snowhite, BLS,
     Boratgis, Land, Olander, Wasserman, 900 Financial, Kane, and Sarcinelli for
     violations of the foregoing provisions of the federal securities laws in
     connection with the offer and sale to the public of unregistered securities
     of Telefund.  Named as a relief defendant in the Commission's suit is
     Jeffrey Stern, BLS partner.  The Complaint also seeks disgorgement of
     investor funds.  
          According to the Complaint, beginning in or about November 1994, the
     defendants began to offer and sell to the public securities designated as
     "general partnership units" in Telefund, a partnership formed by defendant
     Snowhite and his partner, Gregory L. Miller.  Defendant Snowhite's partner
     allegedly contracted with Independent Sales Organizations such as
     Boratgis', Land's and Stern's partnership BLS, 900 Financial, and
     Sarcinelli d/b/a S&S Consulting to solicit prospective investors to
     purchase Telefund securities.  These Independent Sales Organizations, in
     turn, hired salespeople, including, among others, Olander and Wasserman, to
     solicit investors.  




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          Simultaneously with the filing of the Complaint, and without admitting
     or denying the allegations made against them, Snowhite, Olander, Wasserman,
     900 Financial, and Kane consented to the entry of a Final Judgment of
     Permanent Injunction and Other Relief permanently enjoining them from
     future violations of Sections 5 and 17(a) of the Securities Act of 1933 and
     Sections 10(b) and 15(a) of the Securities Exchange Act of 1934 and Rule
     10b-5 thereunder.  These defendants also agreed to pay disgorgement of
     amounts obtained through the conduct alleged in the Complaint, subject to
     waiver based upon their sworn Statements of Financial Condition and
     contingent upon the accuracy and completeness of those statements.
       
          Sarcinelli, also simultaneously with the filing of the Complaint, and
     without admitting or denying the allegations made against him, consented to
     the entry of a Final Judgment of Permanent Injunction and Other Relief
     permanently enjoining him from future violations of Sections 5 of the
     Securities Act of 1933 and Section 15(a) of the Securities Exchange Act of
     1934.  In addition, Sarcinelli consented to the entry of a Final Judgment
     which would order him to disgorge $10,000.00. 

          On January 23, 1996, the Commission filed a complaint in the matter of
     Securities and Exchange Commission v. Gregory L. Miller, et al, C-96-0336
     (MHP), in the United States District Court for the Northern District of
     California.  Final Judgments were entered against each of the defendants on
     February 1, 1996, enjoining them from further violations of Sections 5 and
     17(a) of the Securities Act and Sections 10(b) and 15(a) of the Exchange
     Act, and Rule 10b-5 thereunder, and ordering disgorgement in the amount of
     $269,435.


























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