SECURITIES AND EXCHANGE COMMISSION

   LITIGATION RELEASE NO. 16658 /AUGUST 18, 2000

   SECURITIES EXCHANGE COMMISSION V. TODD J. LASCOLA, ET AL, United
   States District Court for the District of Rhode Island 98-610-T
   (December 29,1998)

   SEC OBTAINS SUMMARY JUDGMENT AGAINST FORMER BROKER LASCOLA IN $6.3
   MILLION SCHEME TO DEFRAUD CUSTOMERS

   The Securities and Exchange Commission ("Commission") announced that
   on June 23, 2000 the United States District Court in Rhode Island
   granted summary judgment against Todd J. LaScola permanently enjoining
   him from further violations of Section 17(a) of the Securities Act of
   1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule
   10b-5 thereunder, and Sections 206(1) and 206(2) of the Investment
   Advisors Act of 1940, the general and investment adviser antifraud
   provisions of the federal securities laws. The judgment also directs
   LaScola to pay disgorgement in the amount of $6,329,825 plus
   prejudgment interest and pay a civil monetary penalty of $100,000.

   The matter stems from a Complaint, the Commission filed on December
   29, 1998, alleging that in November 1988 LaScola, the sole owner of
   CPI Investment Management, Inc. ("CPI") and a principal and co-owner
   of CPA Advisors Network, Inc. ("CPA"), diverted over $6 million from
   client and customer accounts to repay another client, the
   International Brotherhood of Electrical Workers ("IBEW"), for improper
   transactions in the IBEW's pension fund account. The Complaint also
   alleged that LaScola misappropriated $200,000 from an advisory client.
   Immediately upon filing the Complaint, the Commission sought and
   obtained temporary restraining orders and asset freezes against
   LaScola, CPI and CPA. On January 8, 1999,the Court granted the
   Commission's Motion for Preliminary Injunctions against LaScola, CPI
   and CPA.

   On May 1, 2000, the Commission filed a Motion for Summary Judgement
   against LaScola. In the Memorandum in Support of the Motion for
   Summary Judgement, the Commission set forth evidence demonstrating
   that LaScola had diverted approximately $5.8 million from client and
   customer accounts to repay the IBEW, received commissions on
   unauthorized investments totaling $263,900 and misappropriated
   $200,000 for his own benefit from a client. On June 23, 2000, the
   Honorable Judge Ernest C. Torres granted the Commission's Motion for
   Summary Judgement against LaScola.

   On July 7, 2000, the Court also granted the Commission's Motion to
   Dismiss its Compliant against CPI, whose corporate charter had lapsed,