UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No. 15516 / September 30, 1997

     Securities and Exchange Commission v. Leonard Greer and Judah Wernick,
     (United States District Court for the Southern District of New York, Civil
     Action No. 97 CV 7267).

          The Securities and Exchange Commission announced that on September 30,
     1997, a Complaint was filed in the U.S. District Court for the Southern
     District of New York against Leonard Greer and Judah Wernick seeking an
     order of permanent injunction, disgorgement and civil penalties based on
     defendants' violations of the anti-fraud provisions of the federal
     securities laws, by manipulating the price of AFGL International, Inc.
     ("AFGL International") common stock and defendant Greer's failure to
     disclose his ownership of over 5% of AFGL International common stock.

          The Commission's Complaint alleges that during the period from
     approximately January 14, 1994 through April 19, 1994, Greer, through L.C.
     Wegard & Co., Inc., and Wernick, through S.B. Cantor & Co., Inc., engaged
     in a scheme to manipulate the price of AFGL International common stock by,
     among other things, executing a succession of prearranged trades at ever-
     increasing prices with the intent to, and having the effect of,
     manipulating the price of AFGL International common stock from
     approximately $1 per share to approximately $7 per share.  Over the course
     of the manipulation period, the defendants accumulated over 76% of the
     "public float" in AFGL common stock and placed it into Wegard's inventory. 
     After defendants had accumulated the AFGL common stock and manipulated the
     price of the stock to the $7 per share level, Greer, through Wegard, began
     a sales effort through which Wegard sold over one million shares of AFGL
     common stock to the investing public over the course of nine days, yielding
     a profit of approximately $3.5 million to Wegard and its owner and
     president, Greer.  During the period of the manipulation and subsequent
     thereto, Wernick made a profit of at least $207,500 by trading AFGL common
     stock and warrants through his wife's account.

          Defendants Greer and Wernick are alleged to have violated Sections
     17(a)(1), 17(a)(2) and 17(a)(3) of the Securities Act of 1933 and Section
     10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated
     thereunder.  In addition, Greer violated Sections 13(d)(1) and 13(d)(2) of
     the Exchange Act and Rules 13d-1 and 13d-2 promulgated thereunder by
     failing to disclose and report his acquisition of in excess of 5% of the
     beneficial ownership of AFGL common stock.   










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