UNITED STATES SECURITIES AND EXCHANGE COMMISSION

   LITIGATION RELEASE NO. 16665 / August 29, 2000

   SECURITIES AND EXCHANGE COMMISSION V. LE CLUB PRIVÉ S.A., ZDENEK
   KIESLICH, RON ZVI MENDELSON, EUGENE G. CHUSID, LE BARON SOLIDARITY,
   S.A., LE BARON INSURED FUND, LE BARON HIGH INCOME FUND, LE BARON HIGH
   YIELD FUND, Defendants; and RISHON BANK (SC), RISHON FINANCIAL
   SERVICES, S.A., RISHON INVESTMENT CORP., M&R BANK CORP., WORLD WIDE
   TRADING GROUP OF COMPANIES, INC., WORLD US FINANCIAL SERVICES, INC.,
   BORIS G. CHUSID, CITADEL BANK & TRUST INC., Relief Defendants. Civil
   Action No. 3 00CV-1851-R

   The United States Securities and Exchange Commission ("SEC") announced
   that they had filed a civil action in the United States District Court
   in Dallas, Texas to stop an alleged fraudulent Internet pyramid
   scheme. Disguised as an Internet investment club, Le Club Priv
   ("LCP"), and its affiliated persons and entities, perpetrated a $5.6
   million unregistered offering fraud against more than 2,000 U.S.
   investors. Since October 1999, LCP has been soliciting investors
   through websites to purchase "memberships," claiming to give investors
   two distinct ways to make money (1) by providing multilevel marketing
   commissions ("MLM commissions") for the recruitment of new members,
   and (2) by offering shares of three domestic or offshore mutual funds
   promising huge returns. On August 24, 2000, U.S. District Judge Jorge
   A. Solis, entered a temporary restraining order and orders freezing
   the assets of all defendants and relief defendants and appointing a
   receiver for any investor funds remaining in U.S. financial
   institutions. Since the defendants had sought to "hide" behind the
   Internet to, among other things, frustrate service and had used the
   Internet to further their scheme, Judge Solis, at the Commission's
   request, ordered that defendants could be served by electronic mail.
   To date, more than $12 million dollars has been frozen pursuant to the
   Court's orders.

   The SEC alleges that LCP, its apparent principals, Zdenek Kieslich
   ("Kieslich"), Ron Z. Mendelson ("Mendelson") and Eugene G. Chusid
   ("Chusid"), and LCP's affiliate, Le Baron Solidarity, S.A. ("Le
   Baron"), conducted illegal offerings by selling unregistered MLM
   memberships and mutual fund shares. Le Baron and its three mutual
   funds, Le Baron Insured Fund, Le Baron High Income Fund, and Le Baron
   High Yield Fund (collectively the "Premier Funds"), also illegally
   sold securities without having registered as investment companies.

   Specifically, LCP offered memberships, at a cost of $1,495 plus $149
   in monthly dues, which purportedly provided investors the opportunity
   to earn MLM commissions by recruiting new members to the club.
   Investors were to receive $500 for each new LCP member that they