U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.

LITIGATION RELEASE NO. 16955 / April 9, 2001

   Securities and Exchange Commission v. Steven H. Schiffer, Joann R.
   Schulz, Gary S. Kramer, Jonathan Solow, Frank J. Cannata, and Peter G.
   Mintz, 97 Civ. 5853 (RO) (S.D.N.Y.)

   JONATHAN SOLOW PERMANENTLY ENJOINED FROM SECURITIES VIOLATIONS AND
   ORDERED TO PAY $25,000 CIVIL PENALTY

   The Securities and Exchange Commission ("Commission") announced today
   that a judgment was entered on April 4, 2001, by the United States
   District Court for the Southern District of New York against Jonathan
   Solow, a defendant in , 97 Civ. 5853 (RO) (S.D.N.Y.), a civil action
   brought by the Commission and currently pending in the District Court.
   The judgment permanently enjoins Solow from violating Sections 9(a)(2)
   and 10(b) of the Securities Exchange Act of 1934 and Exchange Act Rule
   10b-5. Section 9(a)(2) prohibits manipulation of the securities
   markets. Section 10(b) and Rule 10b-5 are anti-fraud provisions of the
   federal securities laws. The judgment also orders Solow to pay a civil
   money penalty of $25,000. Solow consented to the entry of the judgment
   without admitting or denying the allegations in the Commission's
   complaint, except as to jurisdiction.

   The Commission's complaint includes the following allegations Between
   May 1992 and August 1992, Solow and other defendants manipulated the
   price of the common stock of Phoenix Laser Systems, Inc. ("Phoenix"),
   a now-defunct company that was in the business of developing a laser
   workstation to perform eye surgery. As part of the scheme to
   manipulate the price of Phoenix common stock, which traded on the
   American Stock Exchange, Solow, at the direction of Phoenix's CEO,
   placed purchase orders for Phoenix common stock in nominee accounts.
   Solow was a Phoenix vice president at the time. These purchases often
   were executed at or near the end of the trading day, in a manner that
   increased the price of the stock. The end-of-day or "marking the
   close" purchases frequently caused Phoenix's daily closing price to be
   higher than it would have been in the absence of those purchases.

   The entry of judgment against Solow resolves this litigation as to all
   living defendants. The Commission's motion for summary judgment
   against the two remaining defendants -- the estates of now-deceased
   defendants Steven H. Schiffer and Gary S. Kramer -- is pending before
   the Court. The Commission previously reached settlements with
   defendants Joann R. Schulz Frank J. Cannata, and Peter G. Mintz. See
   Lit. Rel. No. 15435 (Aug. 7, 1997); Exchange Act Rel. No. 42416
   (Feb. 11, 2000); Exchange Act Rel. No. 42880 (June 1, 2000); Lit. Rel