UNITED STATES SECURITIES AND EXCHANGE COMMISSION

             LITIGATION RELEASE NO.  16030 /  JANUARY  19, 1999

             SECURITIES AND EXCHANGE COMMISSION V. MICHAEL SNOWHITE, BLS
             CONSULTING, CHARLES BORATGIS, PAUL LAND, JEFFREY STERN,
             SHELLEY OLANDER, MORREY WASSERMAN, 900 FINANCIAL SERVICES,
             L.L.C., DAVID KANE, AND SAM SARCINELLI D/B/A/ S&S CONSULTING
             Civil Action No. C-97-2888 (MHP)(N.D. CAL.).

                  CHARLES BORATGIS, PAUL LAND AND BLS CONSULTING ENJOINED
                              IN 900 NUMBER FRAUD SCHEME

                  The Securities and Exchange Commission today announced
             that the U.S. District Court for the Northern District of
             California has permanently enjoined Charles Boratgis, Paul
             Land and their partnership, BLS Consulting ("BLS"), from
             committing securities fraud.  The case arose out of the
             defendants' involvement in the sale of approximately
             $1,180,000 of general partnership units in Telefund
             Partners, a 900 telephone line venture.  With these
             judgments, and the entry of a judgment ordering disgorgement
             by relief defendant Jeffrey Stern, all ten defendants have
             now settled with the Commission in this matter.  [For
             additional information, see Lit. Rel. Nos. 14791, 15434]

                  Boratgis, Land, Stern and BLS consented to the
             judgments' entry without admitting or denying the
             allegations against them.  Boratgis, Land and BLS were
             permanently enjoined from violations of Sections 5 and 17(a)
             of the Securities Act of 1933 and Sections 10(b) and 15(a)
             of the Securities Exchange Act of 1934 and Rule 10b-5
             thereunder, and from participating in any offering of
             securities in any 900 line venture unless first registered
             with the Commission.  The judgments require Boratgis, Land
             and Stern to pay $20,000, $10,000 and $5,000 respectively in
             disgorgement, plus post judgment interest.  The judgments
             waive further disgorgement by BLS, Boratgis, Land, and
             Stern, based on their demonstrated inability to pay.