UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     LITIGATION RELEASE NO.  15468 / September 2, 1997

     SECURITIES AND EXCHANGE COMMISSION v. Richard Warren & Associates, Inc.,
     et. al., Civil Action No. C-97-3050MMC (USDC ND CA/San Francisco Div.)

          The Commission announced today that on August 28, Judge Maxine Chesney
     granted a preliminary injunction against Richard Warren & Associates, Inc.
     (RWA), and Richard E. Warren (Warren), both formerly located in Fremont,
     California and now located in London, United Kingdom.  Judge Chesney
     ordered that the assets of RWA, Warren and of relief defendant Citadel
     Enterprises Ltd. (Citadel), an Isle of Man entity believed to hold at least
     $700,000 in investor proceeds fraudulently obtained by RWA and Warren, be
     frozen pending determination of the matter on the merits.  Judge Chesney's
     Order also directed appointment of a receiver, an accounting and
     repatriation of assets.  Judge Chesney and Judge William Ingram previously
     issued temporary restraining orders granting similar relief. 

          The Commission also announced today that on August 26, the Chancery
     Division of the High Court of Justice of England and Wales granted the
     Commission's petition for a "mareva injunction" against RWA and Warren. 
     The injunction freezes the assets held world-wide by RWA and Warren and
     requires RWA and Warren to disclose all such assets to the High Court.      
       

          The Commission's complaints, filed on August 19 in the Northern
     District of California, San Francisco division, and on August 26 in the
     United Kingdom, alleged that in 1996, RWA and Warren raised approximately
     $8 million from at least 48 investors nationwide through two fraudulent
     offerings of securities.  The complaint further alleged that RWA and Warren
     misrepresented, among other things, the existence of the prime bank
     debenture instruments and other securities offered, the use of an escrow
     account, rates of return, the use of investor proceeds and the risks
     associated with the investment.  For more information, see Litigation
     Release no. 15455 (August 22, 1997).  The Commission's investigation is
     continuing.















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