UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     LITIGATION RELEASE NO. 15592 / December 17, 1997

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

          The Commission today filed an amended complaint and obtained emergency
     relief in a pending action involving the offer to sell forged and
     fictitious treasury bonds purportedly issued by the government of Japan. 
     Judge Charles Brieant issued a temporary restraining order and other relief
     against Northeast Investment Institution, Inc. (Northeast), a Fayetteville,
     North Carolina entity and against four representatives of Northeast
     including Thomas Patrick McGlon, president and a director; Daniel
     Watlington, secretary and a director; William Muwwakkill, vice-president,
     treasurer and a director; and Tyrone P. Jones, III, a "special consultant." 
     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 Japanese treasury bonds in
     violation of the antifraud provisions, Section 17(a) of the Securities Act
     of 1933 and Section 10(b) of the Securities and Exchange Act of 1934 and
     Rule 10b-5 thereunder.  The Commission alleged that Northeast and its
     representatives have offered for sale as many as 24 treasury bonds
     purportedly issued by the Japanese government totalling 12 billion yen
     (approximately [U.S.] $120 million).  The fraudulent bonds were seized by
     the Federal Bureau of Investigation in October 1997 but the defendants
     allegedly continued to offer the bonds alleging that 12 replacement bonds
     had been issued representing the same purported 12 billion yen debt
     obligation of Japan.  The Commission, introducing evidence from the
     Japanese government, alleges that bonds are not valid obligations of Japan
     and that Northeast and its representatives have used a fraudulent letter
     from the Ministry of Finance of Japan purportedly authenticating the bonds.

          To prevent Northeast, McGlon, Watlington, Muwwakkill, and Jones 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 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 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. 

          The Commission today also announced that Judge Brieant issued a
     preliminary injunction against the five original defendants in that action
     who offered to sell forged and fictitious certificates of deposits (CDs)
     purportedly issued by an Argentinean bank in addition to the fictitious
     treasury bonds purportedly issued by the government of Japan.  Judge
     Charles Brieant issued the preliminary injunction 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

                              ======END OF PAGE 1======







     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
     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 and a false "certificate of custody depost (safe
     keeping receipt)" purportedly issued by Deutsche Bank Argentina S.A.  The
     defendants offered the CDs, due to mature in approximately one year, at
     substantial discounts from face value, in cash only transactions.  The
     Commission, citing evidence from the Argentinean banks, alleged that the
     instruments are fraudulent.  For additional information, see litigation
     release number 15568 (November 21, 1997).








































                              ======END OF PAGE 2======