UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No.  15486 / September 11, 1997

     UNITED STATES v. CHANNA WICKREMERATNE also known as CHANNA WICK, United
     States District Court for the Northern District of Illinois, No. 97 CR 0418
     (Honorable Milton Shadur). 

          The Securities and Exchange Commission (Commission) announced that
     Channa Wickremeratne a/k/a Channa Wick (Wick) pled guilty to one count of
     wire fraud in connection with his fraudulent sale of interests in the
     Options Group Trading Company (Options Group), a fictitious hedge fund.  On
     August 15, 1997, Judge Milton Shadur of the United States District Court
     for the Northern District of Illinois sentenced Wick to twenty-seven months
     in prison based on his fraudulent sales as described in the Information
     filed by the Assistant United States Attorney for the Northern District of
     Illinois.  According to the Information, Wick fraudulently obtained
     approximately $354,000 from individuals for investment in the Options Group
     Trading Company, a purported futures and options hedge fund.  In connection
     with these sales, Wick misrepresented, among other things, his educational
     background, his employment history, the success of the fund and the rate of
     return on the individuals' investments.  Wick also failed to tell investors
     that he was on probation for bank fraud at the time he solicited funds from
     them.  Instead of investing the money as promised, the Information provides
     that Wick deposited the entire amount in his personal bank account for his
     own use.

          On the recommendation of Wick's probation officer, Judge Wayne
     Andersen of the United States District Court for the Northern District of
     Illinois also sentenced Wick to ten months in prison for probation
     violations, including his fraudulent Options Group sales.  Judge Andersen
     ordered Wick to serve the ten month sentence concurrently with the twenty-
     seven months Wick received for his wire fraud conviction.

          Prior to Wick's conviction, the Commission had obtained a temporary
     restraining order and an order of preliminary injunction against Wick and
     the Options Group based on Wick's numerous misrepresentations to Options
     Group investors.  The preliminary injunction restrains Wick and the Options
     Group from continuing to engage in violations of Section 17(a) of the
     Securities Act of 1933 (Securities Act), Section 10(b) of the Securities
     Exchange Act of 1934 (Exchange Act) and Rule 10b-5 promulgated thereunder
     and Section 206(1) and (2) of the Investment Advisers Act of 1940.  The
     Commission also received an order freezing all of the assets of Wick and
     Options Group.









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