SECURITIES AND EXCHANGE COMMISSION
                                BOSTON, MASSACHUSETTS
      

     LITIGATION RELEASE NO. 15510 \ September 25, 1997

     SECURITIES AND EXCHANGE COMMISSION V. HAROLD J. LEE AND ALFRED ALMEDER
     (United States District Court for the District of Massachusetts, C.A. No.
     97-12143 (GAO))

          The Securities and Exchange Commission announced that on September 25,
     1997, it filed a civil injunctive action against Harold J. Lee ( Lee ) and
     Alfred Almeder ( Almeder ) charging them with fraud in connection with a
     stock offering.  The Complaint alleges that, between January 1992 and May
     1993, Defendants Lee, a resident of Lynn, Massachusetts, and Almeder, a
     resident of Weymouth, Massachusetts, fraudulently offered and sold stock of
     DreamWorld, Inc. ("DreamWorld") to at least 28 investors who invested more
     than $250,000.  According to the Defendants, the proceeds of the sales of
     the securities would be used for the development of a vast theme park and
     entertainment complex on the banks of the Cape Cod Canal in Bourne,
     Massachusetts, when, in fact, the money was used for personal and living
     expenses, including Almeder's lease of a Jaguar automobile.  The action was
     filed in the United States District Court for the District of
     Massachusetts.

          The Complaint alleges the Defendants committed securities fraud by
     falsely telling investors that: (1) they had obtained a commitment of $300
     million in financing; (2) they had secured or were about to secure
     sponsorship of the theme park by major corporate investors; (3) they owned
     sufficient land on which to build the theme park; (4) Dreamworld was a
     secure investment due to the value of land it already owned; (5) Dreamworld
     stock was currently worth $1.00 to $1.50 per share, based upon the current 
     value of its assets and would be worth $15 per share within a couple of
     years; and (6) they had obtained all necessary permits for a large portion
     of the park.

          The Commission alleges that the defendants violated
     Section 17(a) of the Securities Act of 1933, Section 10(b) of the
     Securities Exchange Act of 1934 and Rule 10b-5 thereunder.  The Complaint
     seeks an injunction, disgorgement and civil penalties.
     Simultaneously with the filing of the Commission's Complaint, Lee, without
     admitting or denying the allegations made in the Complaint, consented to
     the entry of a Final Judgment enjoining him from future violations of the
     antifraud provisions of the federal securities laws and waiving
     disgorgement of $73,191 based upon a demonstrated inability to pay. 









                              ======END OF PAGE 1======