UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     LITIGATION RELEASE NO. 15517 / September 30, 1997

     SECURITIES & EXCHANGE COMMISSION V. BRIAN E. WILLIS AND WILLIAM SANCHEZ
     (United States District Court for the Southern District of New York, Civil
     Action NO. 97-CV-7268)

          The Securities and Exchange Commission announced the filing of a civil
     injunctive action by the Commission on September 30, 1997, against Brian E.
     Willis and William Sanchez in the United States District Court for the
     Southern District of New York.    

          The Commissions  Complaint alleges that, beginning in at least January
     1995 and continuing though May 1996, the defendants engaged in a scheme to
     defraud investors by making fraudulent representations and omission in
     connection with the sale of interests in a purported trading program
     involving the foreign currency exchange spot market.  The Complaint alleges
     that, since January 1995, the defendants sold at least $4 million in
     interests in its purported trading program to at least 335 investors.  The
     Complaint alleges that defendants Willis and Sanchez, acting through
     Templer International, Ltd. ( Templer ) a now defunct corporation,
     misrepresented to investors that it was in the business of trading in the
     foreign currency market using specialized skills and expertise when, in
     fact, Temper did not conduct trading in the foreign currency market, but
     rather misappropriated investor money for personal use and to make payments
     to existing investors.  Additionally, Temper documents indicated that 100%
     of investor funds had been pooled and traded as one account.  The complaint
     also alleges that Willis and Sanchez, through the medium of Templer,
     promised exorbitant returns to investors of anywhere from 14% monthly to
     60% annually.

          The Commission Complaint seeks permanent injunctive relief against
     Willis and Sanchez from violations of Sections 5(a), 5(c) and 17(a) of the
     Securities Act and Section 10(b) of the Exchange Act, and Rule 10b-5
     thereunder, and ancillary relief in the form of disgorgement with
     prejudgment interest.  

          Willis and Sanchez were indicted on September 11, 1997 in connection
     with the conduct described herein and charged with mail and wire fraud and
     conspiracy to commit said acts in violation of Title 18 U.S.C.  Sections
     371; 1341 and 2; and, 1343 and 2.  United States of America v. Sanchez,
     Willis, et al.  97 Cr. 912 (S.D.N.Y.).  On September 3, 1997, the Commodity
     Futures Trading Commission instituted a civil injunctive action against
     Willis and Sanchez for the same conduct described above.  CFTC v. Templer
     International, Ltd., et al., 97-CV-5255.







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