SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.

     Litigation Release No. 15465 / August 28, 1997

     Accounting and Auditing Enforcement
     Release No. 947 / August 28, 1997

     SECURITIES AND EXCHANGE COMMISSION v. IRVING M. MANGEL, SAMUEL J. MANGEL,
     THOMAS J. CIOCCO AND EDWARD W. MASKALY,  Civil Action No. 97-1977
     (D.D.C.)(JHG)     

          The Securities and Exchange Commission ("Commission") today announced
     the filing of a civil injunctive action in the United States District Court
     for the District of Columbia against Irving M. Mangel ("Irv Mangel"),
     Samuel J. Mangel ("Sam Mangel"), Thomas J. Ciocco ("Ciocco") and Edward W.
     Maskaly ("Maskaly"), all of whom were former executives of Jasmine, Ltd., a
     Delaware corporation headquartered in Pennsauken, N.J.  The Commission's
     complaint alleges that the defendants engaged in a fraudulent scheme to
     falsify and inflate Jasmine's financial statements, which were included in
     a registration statement for Jasmine's $10.5 million initial public
     offering ("IPO") in December 1993 and in three subsequent quarterly reports
     filed with the Commission.  According to the complaint, Jasmine's
     materially false and misleading financial statements and disclosures
     enabled Jasmine to portray itself as a financially robust entity when, in
     fact, the company was insolvent.  Jasmine currently is in liquidation
     proceedings pursuant to Chapter 7 of the Bankruptcy Code.

          The complaint alleges that the fraudulent scheme at Jasmine was
     carried out under the direction of Irv Mangel, Jasmine's former chief
     executive officer and chairman of the board.  Sam Mangel, Jasmine's former
     vice president, a director and Irv Mangel's son, was responsible for
     implementing and organizing the fraudulent scheme, and Ciocco, Jasmine's
     former controller, participated in booking and recording false entries in
     Jasmine's books and records.  Maskaly, Jasmine's former chief financial
     officer and a director, signed Jasmine's registration statement for its IPO
     and a quarterly report on Form 10-Q even though he knew or was reckless in
     not knowing that a material liability was excluded from the financial
     statements included in these filings.   
          In order to effectuate the fraudulent scheme, the complaint alleges
     that the defendants, variously, excluded $11.3 million and $13.3 million in
     accounts payable from Jasmine's books and records for fiscal years ended
     September 30, 1992 and 1993, respectively; recorded $553,000 in phony sales
     for fiscal year 1993; improperly recorded a $1,160,000 gain on a purported
     sale of an investment for fiscal year 1993; and failed to record $502,000
     in commission expense for fiscal year 1993.  The fraudulent scheme caused
     Jasmine to report a $1.3 million net worth for fiscal year 1993 when, in
     fact, the company should have reported a $13.3 million deficit and to
     report a $1.6 million pre-tax profit, when, in fact, the company should
     have reported a $600,000 pre-tax loss.  

          The complaint further alleges that Sam Mangel directed Jasmine's
     independent buying agent in Hong Kong to submit a false audit confirmation







     to Jasmine's independent auditors which failed to disclose Jasmine's total
     debt to the buying agent.  The complaint further alleges that Sam Mangel
     solicited a false audit confirmation from a Jasmine customer located in New
     Jersey.  According to the complaint, Irv Mangel and Maskaly provided a
     general representation letter to Jasmine's independent auditors which
     contained numerous false representations.  The complaint also alleges that
     Ciocco avoided losses by selling Jasmine stock while in possession of
     material nonpublic information concerning Jasmine's true financial
     condition.

          The Commission's complaint seeks permanent injunctions against Irv and
     Sam Mangel for violations of Section 17(a) of the Securities Act of 1933
     ("Securities Act"), Sections 10(b) and 13(b)(5) of the Securities Exchange
     Act of 1934 ("Exchange Act), and Rules 10b-5, 13b2-1 and 13b2-2 thereunder;
     against Ciocco for violations of Sections 10(b) and 13(b)(5) of the
     Exchange Act and Exchange Act Rules 10b-5 and 13b2-1; and against Maskaly
     for violations of Section 17(a) of the Securities Act, Section 10(b) of the
     Exchange Act and Exchange Act Rules 10b-5 and 13b2-2.  

          Simultaneously with the filing of the Commission's complaint, all of
     the defendants have consented, without admitting or denying the allegations
     of the complaint, to the entry of a permanent injunction that enjoins them
     from violating the respective provisions of the federal securities laws
     that each is alleged to have violated.  In addition, Irv Mangel has
     consented to the entry of a judgment that permanently bars him from serving
     as an officer or a director of any public company and orders him to pay a
     $100,000 civil penalty.  Sam Mangel has consented to the entry of a
     judgment that bars him from serving as an officer and director of any
     public company for a period of ten years and orders him to pay an $80,000
     civil penalty.  Maskaly has consented to pay a civil penalty of $50,000. 
     Ciocco has consented to the entry of a judgment which orders him to pay the
     sum of $7,293.00, representing the disgorgement of $3,155.00 of losses he
     avoided from his sale of Jasmine stock, prejudgment interest of $983.00 and
     a civil monetary penalty of $3,155.00.  The Commission determined not to
     seek additional civil monetary penalties against Ciocco in light of his
     demonstrated inability to pay.   

          The Commission also announced that it instituted related
     administrative proceedings pursuant to Section 8A of the Securities Act and
     Section 21C of the Exchange Act against Ngai King Tak ("Ngai"), Evelyn A.
     Wong ("Wong"), both residents of Hong Kong, and Haroutioun K. Aydjian for
     submitting false audit confirmations to Jasmine's independent auditors in
     connection with Jasmine's fiscal year end 1993 audit.  Without admitting or
     denying the Commission's findings, Ngai, Wong and Aydjian consented to









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     cease and desist from committing or causing any violation and any future
     violation of Section 17(a) of the Securities Act, Section 10(b) of the
     Exchange Act and Exchange Act Rules 10b-5, 13b2-1 and 13b2-2.  
     See, In the Matter of Ngai King Tak, Evelyn A. Wong and Haroutioun K.
     Aydjian, Admin. Proc. File No. 3-9379; Securities Act Rel. No. 7443;
     Securities Exchange Act Rel. No. 38988; Accounting and Auditing Enforcement
     Rel. No. 946. 














































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