UNITED STATES SECURITIES AND EXCHANGE COMMISSION


     Litigation Release No. 15545 / October 29, 1997

     Securities and Exchange Commission v. Ronald J. Mitchellette and Robert
     Hardy, (United States District Court,  S.D. Fla., Civil Action No. 97-8064-
     CIV-HURLEY, Complaint filed January 30, 1997)


     The Securities and Exchange Commission announced that on March 1, 1997,
     Ronald J. Mitchellette (Mitchellette) was enjoined by consent from further
     violations of the antifraud provisions of the federal securities laws.  The
     District Court also ordered Mitchellette to disgorge $258,000 in ill-gotten
     gains, but waived payment due to Mitchellette s demonstrated inability to
     pay.  The civil action against Robert Hardy (Hardy) is currently pending.

     The SEC lawsuit charges that Mitchellette and Hardy engaged in securities
     fraud in connection with a private offering of debt securities by a now
     defunct investment advisory firm, Carlisle-Asher Management Company (CAMC
     or the Company), resulting in approximately $1 million in losses to
     investors. The SEC alleges that Mitchellette, former CEO and chairman of
     the board of CAMC, and Hardy, CAMC s president, misled investors about
     CAMC s fee-base, business prospects and management through
     misrepresentations and omissions in CAMC s securities offering memorandum.
     The SEC further alleges in its lawsuit that Mitchellette misappropriated
     more than $258,000 of CAMC s offering proceeds. 


























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