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.