U.S. SECURITIES AND EXCHANGE COMMISSION


          Litigation Release No. 16023 / January 13, 1999

          SECURITIES AND EXCHANGE COMMISSION v. MICHAEL W. RIBANT, DBA
          TRINITY CAPITAL, Action No. 98-CV 2096 IEG (POR)(S.D. Cal.)

               The United States Securities and Exchange Commission
          announced that it filed a complaint today against Michael W.
          Ribant ("Ribant"), doing business as Trinity Capital, a broker-
          dealer located in San Diego, California.  The complaint, which
          was filed in United States District Court for the Southern
          District of California in San Diego, California, charges Ribant
          with misappropriating approximately $3.3 million from
          approximately 67 customer accounts.

               According to the complaint, Ribant misappropriated his
          customers' funds and securities by selling customers' securities
          without the customer's authorization or knowledge, and then
          wiring the sale proceeds to accounts that Ribant had opened, also
          without the customers' authorization or knowledge, in the
          customers' names.  To complete the misappropriation, Ribant then,
          again without the customers' authorization or knowledge, wired
          the funds to a bank account held in his own name.

               In the lawsuit, the Commission seeks an order permanently
          enjoining Ribant from future violations of the antifraud
          provisions, Section 17(a) of the Securities Act of 1933 and
          Section 10(b) of the Securities Exchange Act of 1934 and Rule
          10b-5 thereunder.  The Commission also seeks disgorgement of all
          ill-gotten gains, prejudgment interest and civil penalties.

               Also on November 16, 1998, in order to afford Ribant's
          customers with the protections provided under the Securities
          Investor Protection Act, the Securities Investor Protection
          Corporation intervened in the Commission's action and applied for
          appointment as trustee over Ribant for the liquidation of Trinity
          Capital.  Ribant consented to the appointment of the Securities
          Investor Protection Corporation as trustee over him.