Litigation Release No. 15445/ August 18, 1997

     SECURITIES AND EXCHANGE COMMISSION v. AMERICAN GROWTH CAPITAL CORP.,
     AMERICAN GROWTH FUND I, LP, GROWTH CAPITAL RESOURCES CORP., CAPITAL GROWTH
     FUND I, LP, DONNA L. SNYDER, CHARLES E. DUQUETTE, ROBERT K. KELLY, HUGO V.
     CIANCIULLI, WILLIAM M. MCNARY, EMANUEL B. NEDWICK, JEROME L. GLAZOV, AND
     CHRISTOPHER A. PAULICK, Civil Action No. 97-5993 RAP (Jgx) (C.D. Cal.).


          The Securities and Exchange Commission announced, on August 18, 1997,
     that the Honorable Richard A. Paez, U.S. District Judge in the Central
     District of California, issued an Order appointing a temporary receiver
     over American Growth Capital Corp. and American Growth Fund I, LP. 
     American Growth Capital is an investment adviser based in Las Vegas,
     Nevada.  American Growth Fund is an investment fund, managed by American
     Growth Capital, that purports to invest in emerging growth companies.  The
     Fund has approximately $7.3 million under management, with over 300
     investors.

          Judge Paez issued this Order as a result of the Commission's filing an
     Ex Parte Application for an Order Appointing a Temporary Receiver over
     American Growth Capital and American Growth Fund.  The Commission's
     Application and supporting documents showed that Defendants Snyder and
     Duquette fraudulently managed American Growth Capital and American Growth
     Fund, including misuse and misappropriation of at least $1,778,000 in
     investor funds through:  (1) investing $905,250 in shell companies; (2)
     paying $198,850 in undisclosed commissions and other selling expenses; (3)
     paying $448,900 in undisclosed payments to themselves and to a company
     owned and controlled by Duquette; and (4) paying $225,000 in undisclosed
     management fees to American Growth Capital.






















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