UNITED STATES SECURITIES AND EXCHANGE COMMISSION


     Litigation Release No. 15494 / September 15, 1997                       

     SECURITIES AND EXCHANGE COMMISSION V. WALTER CLARENCE BUSBY, JR., Civil
     Action No. 1: 97-CV-2653 (N.D. Ga.)

          The Securities and Exchange Commission announced that a Complaint For
     Injunctive And Other Relief was filed by the Commission on September 11,
     1997, in the United States District Court for the Northern District of
     Georgia, against Walter Clarence Busby, Jr. ("Busby").  The complaint seeks
     to permanently enjoin Busby from future violations of Section 17(a)(1)
     through Section 17(a)(3) of the Securities Act of 1993 and Section 10(b) of
     the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.  The
     Commission also seeks disgorgement of all ill-gotten gains along with
     prejudgment interest, the imposition of civil penalties and a sworn
     accounting of all funds received by Busby during the schemes. 
          The Commission's complaint alleges that Busby violated the antifraud
     provisions of the securities laws by offering and selling investment
     contracts in connection with three different prime bank schemes.  Using
     misrepresentations and omissions in each of the three schemes, Busby raised
     money for purported trading programs in "prime bank" notes by fraudulently
     representing to investors that the investments were risk-free and that the
     ventures would pay returns ranging from 750% to 10,000%.  In total, Busby
     raised nearly $1 million from more than 70 investors.  None of the
     investors has earned the exorbitant returns promised by Busby.


























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