Securities COMMISSION AND EXCHANGE

          Litigation Release No. 16020 / January 12, 1999


          SECURITIES  AND  EXCHANGE  COMMISSION v. BARNARD SACKETT, JOHN H.
          SCHRIEK   AND  ENVIROLAND,  LTD.,   Civ.   Action   No.   97-5934
          U.S.D.C., E.D. Pa.

               The Commission announced that on January 4, 1999, the
          Honorable Anita Brody, United States District Court Judge for the
          Eastern District of Pennsylvania, entered final judgments by
          default ("Final Judgments") that permanently enjoin defendants
          John H. Schriek ("Schriek") and Enviroland, Ltd. ("Enviroland")
          from committing securities fraud and order them to pay a total of
          $1.2 million in fines.  The Commission's Complaint, which was
          filed on September 22, 1997, alleges, among other things, that
          Schriek and Enviroland, together with defendant Barnard Sackett
          ("Sackett"), solicited the Bankruptcy Estate for the Foundation
          For New Era Philanthropy, Inc. in Philadelphia, Pennsylvania, as
          well as at least one other investor, to invest as much as $100
          million in fraudulent "prime bank" securities.  The Complaint
          also alleges that the defendants guaranteed investors the
          repayment of principal and returns on their investments at the
          annual rate of at least 360% and as great as 528%.  The
          Commission's Complaint further alleges that the defendants
          requested that those investors recommend the fictitious "prime
          bank" securities to hundreds of non-profit organizations and
          charities that are associated with or creditors of those
          investors.  The Final Judgments permanently enjoin Schriek and
          Enviroland from violating Section 17 of the Securities Act of
          1933, and Section 10(b) of the Securities Exchange Act of 1934
          and Rule 10b-5 thereunder, and impose civil penalties against
          Schriek in the amount of $200,000, and against Enviroland in the
          amount of $1 million.  Sackett, without admitting or denying the
          allegations contained in the Complaint, previously consented to
          the entry of a final judgment which enjoined him from committing
          securities fraud and did not impose a civil penalty based on his
          demonstrated inability to pay.