SECURITIES AND EXCHANGE COMMISSION
   Washington, DC

   LITIGATION RELEASE NO. 16649 / August 10, 2000

   SEC V. ELFINDEPAN, S.A., SOUTHERN FINANCIAL GROUP, TRACY CALVIN
   DUNLAP, JR. AND BARRY LOWE, 1 00CV00742 (August 10, 2000)

   COMMISSION SEEKS TEMPORARY RESTRAINING ORDER AND ASSET FREEZE ENTERED
   AGAINST ELFINDEPAN, S.A. AND THREE OTHERS

   The Securities and Exchange Commission today filed a fraud case in the
   United States District Court for the Middle District of North Carolina
   against Elfindepan, S.A., Southern Financial Group, Tracy Calvin
   Dunlap, Jr. and Barry Lowe. The Commission's complaint alleges that
   from as early as March 1999 to the present, the defendants defrauded
   investors nationwide in an apparent Ponzi or pyramid scheme in
   connection with the unregistered offer and sale of the securities of
   Elfindepan, a supposed Costa Rican financial company with offices in
   Greensboro, North Carolina. Defendants allegedly raised at least $13.5
   million from the investing public in at least nine states. The
   Commission seeks a temporary restraining order that, among other
   things, would freeze the assets of defendants, including $2.7 million
   in a South Carolina bank account and prohibit defendants from
   accepting or depositing additional funds from investors. The
   Commission also seeks to temporarily restrain defendants from
   violations of the antifraud and registration provisions of the federal
   securities laws.

   The complaint alleges that in connection with these offerings,
   defendants knowingly and recklessly made, and caused others to make,
   numerous materially false and misleading statements to investors.
   Among other things, defendants promised investors highly favorable
   returns on investments (as much as 40-50% per month), without any
   reasonable basis for such claims, and falsely stated that the
   investments were secure, including false claims that Elfindepan
   investments were associated with the International Monetary Fund and
   the World Bank. Investors were told that Elfindepan had been in
   business for 23 years, when in fact the company was less than a year
   and a half old.

   The complaint also alleges that defendants knowingly or recklessly
   failed to disclose certain material facts to investors regarding
   Elfindepan. Defendants have omitted to disclose that funds are in fact
   being disbursed inconsistent with Elfindepan's supposed business
   purpose. Investors have not been told that proceeds from later
   investors are being used to pay early investors and distributors, in
   classic Ponzi or pyramid scheme fashion. Investors have not been told