U.S. SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No. 15577 / December 1, 1997  

     SECURITIES AND EXCHANGE COMMISSION v. HAROLD E. TOBIN, Civil Action No. 97-
     5124 IH (SHx) (C.D. Cal.)

          The Securities and Exchange Commission announced that on November 20,
     the Honorable Irving Hill of the United States District Court for the
     Central District of California entered a Final Judgment against defendant
     Harold E. Tobin ("Tobin"), a resident of Rancho Mirage, California.  Tobin,
     who is 57 years old, was the president, founder, and sole shareholder of
     defunct Tobin Investment Corporation ("TIC"), which was located in
     Huntington Beach, California.  The Final Judgment permanently enjoins Tobin
     from future violations of the securities registration, broker-dealer
     registration, and antifraud provisions of the federal securities laws, and
     orders Tobin to pay disgorgement in the amount of $3,747,505, plus
     prejudgment interest.  The Final Judgment waives payment of the
     disgorgement and interest based upon a sworn financial statement
     demonstrating Tobin's inability to pay.  Tobin consented to the entry of
     the Final Judgment without admitting or denying the allegations in the
     Commission's Complaint.

          In its Complaint, the Commission alleged that Tobin fraudulently
     raised $4,952,505 from 90 mostly elderly investors nationwide from
     September 1994 until January 1995 through the offer and sale of promissory
     note investments.  The money raised from investors was to be used to fund a
     Las Vegas, Nevada residential real estate development project called
     "Rancho Mirage."  The Rancho Mirage project was never developed, and most
     of the money raised in the offering was used to pay:  (a) construction
     costs associated with other real estate projects being developed by Tobin
     and financed by TIC; (b) interest to investors in other real estate
     projects being developed by Tobin and financed by TIC; (c) interest to
     investors in the Rancho Mirage project; (d) an undisclosed 3% commission to
     TIC sales agents; and (e) an undisclosed payment of 5% to TIC for
     "operating costs."  The Final Judgement enjoins Tobin from future
     violations of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933,
     Sections 10(b) and 15(a) of the Securities Exchange Act of 1934, and Rule
     10b-5 thereunder.














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