U.S. SECURITIES & EXCHANGE COMMISSION
   Washington, D.C.

   Litigation Release No. 16654 / August 16, 2000

   United States v. James Michael Cogley and The Ohio Estate Group, Inc.,
   CR2-00-27 (S.D. Ohio 1999)

   James Michael Cogley Sentenced

   The U.S. Securities and Exchange Commission ("Commission") and the
   U.S. Attorneys' Office for the Southern District of Ohio announced
   that on August 9, 2000, James Michael Cogley ("Cogley") was sentenced
   to 57 months imprisonment for one count of mail fraud. He also
   received 3 years supervised probation and a special assessment of
   $100. Cogley and The Ohio Estate Group ("OEG"), a company Cogley
   controlled, were also ordered to pay restitution in the amount of
   $2,751,828. The criminal action arose out of the Commission's civil
   action brought against Cogley and OEG, which enjoined them from
   violating the anti-fraud provisions of the federal securities laws.
   Cogley, a registered investment adviser, received approximately
   $2,751,828 from 83 investors, primarily elderly and retired persons,
   for the purpose of investing in real estate development. The money was
   ultimately used instead for office rent, payroll, business and
   personal expenses. Only $547,000 was invested in real estate
   development. In pronouncing the sentence, U.S. Judge for the Southern
   District of Ohio, the Honorable Edmund A. Sargus Jr. said, " You have
   caused enormous harm. I find this conduct despicable." Cogley was
   denied self-surrender and was immediately taken into custody to begin
   serving his sentence.

   On November 29, 1999, Cogley consented to the entry of an Order of
   Permanent Injunction enjoining Cogley and OEG from engaging in
   violations of Section 17(a) of the Securities Act of 1933, Sections
   10(b), 15(a) (1) and 15 (c)(1) of the Securities and Exchange Act of
   1934, Rules 10b-5 and 15c1-2 promulgated thereunder and Sections
   206(1) and (2) of the Investment Advisors Act of 1940. Also, on August
   10, 2000, Cogley consented to the entry of an Administrative Order
   Instituting Proceedings, Making Findings and Imposing Remedial
   Sanctions barring him from association with any broker, dealer or
   investment adviser.
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Modified 08/16/2000