UNITED STATES SECURITIES AND EXCHANGE COMMISSION

             Litigation Release No. 15912 / September 29, 1998

             SECURITIES AND EXCHANGE COMMISSION V. MAMIE TANG, ET AL.,
             United States District Court for the District of Northern
             California, Civil Action No. CV98-3739

             The Securities and Exchange Commission today announced that
             it has sued three Northern California residents for the
             fraudulent sale of $4.2 million in high-risk stock and bonds
             issued by Valley Forge Capital Holdings, Inc. ("Valley
             Forge"), a financial services company formerly headquartered
             in San Francisco.  Among those sued are Mamie Tang, of San
             Francisco, who the Commission previously enjoined for an
             earlier fraud and who is currently under indictment for the
             prior fraud.  Also named are Deborah Mello, of Sacramento,
             and Victoria Gong, of San Francisco.  The three are all
             former senior officers and directors of Valley Forge.

             The complaint alleges that between January 1994 and
             September 1996, Tang, Mello and Gong misused at least
             $838,000 (or 20%) of the $4.2 million in offering proceeds
             raised by Valley Forge, using the money for purposes that
             were contrary to the representations contained in the
             offering materials that Valley Forge used to sell the
             securities.  These improper uses included payments to Tang
             and other entities controlled by her, as well as payments to
             Gong and others.  After the fraud, Valley Forge was acquired
             by a new owner and is no longer operating under the name
             Valley Forge.

             The complaint seeks an order compelling Tang, Mello and Gong
             to disgorge all monies they misappropriated from Valley
             Forge and pay civil monetary penalties.  The complaint also
             seeks to enjoin Tang, Mello and Gong from violations of
             Section 17(a) of the Securities Act of 1933, Section 10(b)
             of the Securities Exchange Act of 1934 and Rule 10b-5
             thereunder.  In addition, the complaint seeks to bar Tang
             from serving in any capacity as an officer or director of a
             publicly-held corporation.

             The complaint also seeks the return from other persons and
             entities of Valley Forge offering proceeds that were
             diverted to them.  The persons named as relief defendants
             are:  Amy and Emily Tang, Mamie Tang's daughters; the Tang
             Children's Trust; Richard Tang, Mamie Tang's ex-husband; and
             Broad Street Securities, formerly a Michigan-based brokerage
             firm controlled by Mamie Tang.

             Tang's prior injunction was entered in February 1995 by the
             U.S. District Court for the Northern District of California
             in connection with the fraudulent offer and sale of real
             estate limited partnership units through Continental Capital
             Financial Group, Inc. ("Continental").  In that action the
             Commissioned alleged that Tang and her partner, John Hickey,
             misappropriated at least $3.5 million from investors. In
             July 1997, Tang and Hickey were indicted for their conduct
             in connection with the sale of the Continental securities.
             The criminal case against them is pending.  For further
             information see Litigation Release Nos. 14260, 14296, 14415
             and 14416.