UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     LITIGATION RELEASE NO. 15568 / November 21, 1997

     SECURITIES AND EXCHANGE COMMISSION v. Uniglobe Trading Company, Inc., et.
     al., 97 Civ. 08659 (USDC SDNY)

          The Commission today filed a complaint and obtained emergency relief
     in an action involving the offer to sell forged and fictitious certificates
     of deposits (CDs) purportedly issued by an Argentinean bank and treasury
     bonds purportedly issued by the government of Japan.   Judge Charles
     Brieant issued a temporary restraining order and other relief against
     Uniglobe Trading Company Inc. (Uniglobe), a Yonkers, New York entity which
     claims to assist clients in the transfer of financial instruments and
     commodities; two of its officers, Clint Holland (Holland) and Margaret
     Laughrin (Laughrin); Moorgreen Holdings Limited (Moorgreen), a Gibralter
     company with offices in Spain; and a Moorgreen representative, Raymond
     Nakachian (Nakachian).  The Commission alleged in its complaint that since
     at least October 1997, the defendants have been engaging in an apparent
     scheme to defraud U.S. investors through the offer of fraudulent securities
     in violation of the antifraud provisions of the federal securities laws,
     Sections 17(a) of the Securities Act of 1933 and Section 10(b) of the
     Securities Exchange Act of 1934 and Rule 10b-5.

          The complaint alleged that the defendants have offered for sale at
     least two, and possibly as many as sixteen, fraudulent certificates of
     deposit (CDs) of Banco de la Nacion Argentina with stated principal amounts
     exceeding [U.S.] $100 million each.  The defendants offered the CDs, due to
     mature in approximately one year, at substantial discounts from face value,
     in cash only transactions.  The Commission alleged that during the same
     time period, Uniglobe, Holland and Laughrin also offered for sale
     approximately 24 treasury bonds purportedly issued by the Japanese
     government each in dominations of $500 million yen [approximately U.S. $4.2
     million].  The Commission, citing evidence from the Argentinean bank and
     Japanese government, alleged that the instruments are fraudulent.

          To prevent Uniglobe, Laughrin, Holland, Moorgreen and Nakachian from
     continuing to offer these and other securities and potentially selling them
     to investors, the Commission requested the relief granted by Judge Brieant
     including a temporary restraining order, an order freezing the CDs and
     bonds, and an order that the defendants tender the instruments to the
     registry of the Court.  Further, the Judge's order requires an accounting
     from the defendants of all assets, including certificates of deposit,
     financial instruments or government bonds, held by the defendants or
     offered by the defendants for sale or other transfer.  In addition to the
     emergency relief granted today, the Commission seeks civil penalties
     against the defendants.






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