SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 16937 / March 22, 2001

   Securities and Exchange Commission v. Anthony Dong-Yin Shen, Srinivas
   Anumolu, Ronald W. Pinto, Deborah J. Breckenridge, and Dominick J.
   Savino, 01 Civ. 2438 (GBD) (S.D.N.Y.)

            SEC CHARGES FIVE INDIVIDUALS WITH SECURITIES FRAUD
                            IN KICKBACK SCHEME

   The Securities and Exchange Commission today filed an enforcement
   action charging five individuals with securities fraud. The SEC
   alleges that two former employees of New York Life Insurance Company,
   Inc. ("New York Life"), who traded mortgage-backed securities for the
   insurance company's proprietary accounts, obtained kickbacks and other
   improper gifts and gratuities from salespersons at three brokerage
   firms. In return, the New York Life traders directed securities
   transactions to the salespersons who, in turn, earned significant
   compensation on those transactions.

   Named in the complaint are
     * Anthony Dong-Yin Shen ("Shen"), age 27, who lives in New York
       City, and who traded mortgage-backed securities as an employee of
       New York Life in its New York City office from 1995 to October
       1999.
     * Srinivas Anumolu ("Anumolu"), age 37, who lives in Sunnyvale,
       California, and who traded mortgage-backed securities as an
       employee of New York Life in its New York City office from the
       mid-1990s until January 1999.
     * Ronald W. Pinto, age 40, of Demarest, New Jersey, who was a
       salesperson with Nomura Securities International, Inc. ("Nomura")
       in its New York City office from 1987 until late 2000.
     * Deborah J. Breckenridge, age 44, of Old Town, Florida, who was a
       salesperson with Suncoast Capital Group, Ltd. ("Suncoast"), in its
       Fort Lauderdale, Florida office from 1993 through 1999.
     * Dominick J. Savino, age 37, who lives in New York City and was a
       salesperson with Greenwich Capital Markets, Inc. ("Greenwich") in
       its New York City office from August 1998 to August 2000.

   The Commission's complaint alleges that

   While they were New York Life employees, Shen and Anumolu each had
   authority to buy and sell mortgage-backed securities for certain of
   New York Life's proprietary accounts. Shen and Anumolu used this
   authority to obtain kickbacks and improper gifts from the three
   salespersons. Pinto, Breckenridge and Savino made the cash payments
   and provided the improper gifts and gratuities to ensure that Shen