SECURITIES AND EXCHANGE COMMISSION

LITIGATION RELEASE NO. 16942 / March 23, 2001

   SECURITIES AND EXCHANGE COMMISSION v. NANCY J. CHEAL, individually and
   d/b/a RELIEF ENTERPRISE, et al. (United States District Court for the
   District of Massachusetts, C.A. No. 00 CV 10182-EFH) (January 31,
   2000)

   Alleged Promoter Of Fraudulent Trading Scheme Criminally Indicted On 5
   Counts of Mail Fraud and 2 Counts of Wire Fraud

   The Securities and Exchange Commission announced that, on February 28,
   2001, Nancy J. Cheal ("Cheal") was indicted in the District of
   Massachusetts on 7 criminal charges, including 5 counts of mail fraud
   and 2 counts of wire fraud. On March 2, 2001, Cheal was arrested and
   was released on a $100,000 secured bond. The criminal charges allege
   that Cheal executed a false scheme by which she defrauded thousands of
   people of more than $2.1 million through her operation of a purported
   international bank debenture trading program. The criminal charges
   alleged that Cheal represented that she was the president of a
   business named "Relief Enterprise", which was operated from two of
   Cheal's trailer homes in Florida. Victims of the scheme were allegedly
   promised that they would receive a 100% return per week for twelve
   consecutive weeks.

   On January 31, 2000, the Commission filed a Complaint against Cheal
   (d/b/a Relief Enterprise) and against Richard L. Birmingham
   ("Birmingham"), a relief defendant, alleging that Cheal violated the
   general antifraud and securities registration provisions of the
   federal securities laws (Sections 5(a) and (c) and 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's allegations
   arose from the same underlying factual conduct described in the
   criminal allegations. On February 1, 2000, the United States District
   Court for the District of Massachusetts granted the Commission's
   motion for an order and, among other things, temporarily restrained
   the fraudulent activities, froze assets of Cheal and Birmingham and
   froze the proceeds of the offering. On February 15, 2000, after a
   hearing, the Court entered a Preliminary Injunction and Order for
   Other Equitable Relief against Cheal (d/b/a Relief Enterprise) and
   against Birmingham. Among other things, the Order continued the asset
   freeze.

   On April 27, 2000 the United States District Court for the District of
   Massachusetts granted a motion brought by the United States Attorney's
   Office to stay the proceedings in the case brought by the Commission.