UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     LITIGATION RELEASE NO. 15604 / December 23, 1997

     SECURITIES AND EXCHANGE COMMISSION v. GENE BLOCK, INDIVIDUALLY AND D/B/A
     BLOCK CONSULTING SERVICES, RENATE HAAG, INDIVIDUALLY AND D/B/A HAAG +
     PARTNER, AND ROBERT T. RILEY, INDIVIDUALLY AND D/B/A THE ROBERTS GROUP
     (United States District Court for the District of Massachusetts, Civil
     Action No. 95-11748RCL).

          The Securities and Exchange Commission announced that on December 16,
     1997 the Honorable Reginald C. Lindsay of the U.S. District Court for the
     District of Massachusetts entered a final judgment against Renate Haag
     ("Haag") of Frankfurt, Germany, who was doing business as Haag + Partner. 
     The Court permanently enjoined Haag from violating the antifraud and broker
     registration provisions of the federal securities laws.  Additionally, the
     Court ordered Haag to pay disgorgement of $4,355,400 plus prejudgment
     interest in the amount of $609,892.10, and a civil penalty of $4,355,400,
     for a total of $9,320,692.10.  Specifically, Haag was enjoined from
     violating Sections 5 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.  The Court entered the final judgment after Haag was defaulted.

          The Complaint, which was filed on October 26, 1995, alleges that Haag
     was the central figure in a fraudulent securities offering of so-called
     "prime bank instruments," which induced members of the public to invest
     over $1 million in her fraudulent investment programs by promising, in some
     cases, returns as high as 200%-420% annually.  In addition to Haag, Gene
     Block of Durham, North Carolina ("Block"), doing business as Block
     Consulting Services, and Robert T. Riley, Jr. of St. Louis, Missouri
     ("Riley"), doing business as The Roberts Group, were offering and selling
     the unregistered and fraudulent Haag + Partner programs through various
     methods, including advertisements on the Internet.  The Court previously
     entered orders enjoining Block and Riley from future violations of the
     securities laws and ordering disgorgement of the amounts they received,
     plus penalties.

          Additionally, Haag recently was sentenced to two years and ten months
     by the German criminal authorities for her participation in a similar
     pyramid scheme in Germany.

          For further information, see Lit Release Nos. 14598, 14711, 14804, and
     15355.









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