SECURITIES AND EXCHANGE COMMISSION

   LITIGATION RELEASE NO. 16644 / August 3, 2000

   SECURITIES AND EXCHANGE COMMISSION V. CHEMICAL TRUST, ET. AL., Case
   No. 00-8015-CIV-RYSKAMP (S.D. Fla.)

   The Securities and Exchange Commission announced that on July 28,
   2000, the Honorable Kenneth L. Ryskamp, United States District Judge
   for the Southern District of Florida, entered a summary judgment
   against defendants Chemical Trust ("Chemical"), U.S. Guarantee Corp.
   ("U.S. Guarantee"), and United Marketing Trust ("United") and against
   relief defendants Three Rivers Trust ("Three Rivers") and Merrit
   Pierce Trust ("Merrit Pierce"). The judgment permanently enjoins
   Chemical, U.S. Guarantee, and United from violating the registration
   and anti-fraud provisions of the federal securities laws, namely
   Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933
   ("Securities Act") and Section 10(b) of the Securities Exchange Act of
   1934 ("Exchange Act") and Rule 10b-5 thereunder. The judgment also
   orders defendants Chemical and United to disgorge, jointly and
   severally, $17 million in ill-gotten gains. Defendant U.S. Guarantee
   and relief defendants Three Rivers and Merrit are ordered to disgorge
   $3,290,000, $800,000 and $60,000, respectively, in ill-gotten gains.
   The judgment also orders defendants Chemical, U.S. Guarantee, and
   United to pay $100,000 each in civil penalties. The Court also
   continued an order requiring defendants Chemical, U.S. Guarantee, and
   United and relief defendants Three Rivers and Merrit to preserve
   records until further order.

   On January 7, 2000, the SEC filed a complaint against Chemical Trust,
   U.S. Guarantee, United, Virgil W. Womack ("Womack"), Clifton Wilkinson
   ("Wilkinson"), Lewey L. Cato, III ("Cato"), and Alvin A. Tang
   ("Tang"), among others, seeking emergency relief. On January 7, 2000,
   the Court entered a temporary restraining order and asset freeze
   against the defendants and, on January 13, 2000, entered a preliminary
   injunction against them. On April 12, 2000, the Court entered a
   consent injunction against Tang, in which he neither admits nor denies
   the allegations against him, permanently enjoining him from violating
   the registration and anti-fraud provisions of the federal securities
   laws, namely Sections 5(a), 5(c) and 17(a) of the Securities Act and
   Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and
   ordered him to pay disgorgement and civil penalties in amounts to be
   subsequently determined. Also, on May 12, 2000, the Court entered a
   default judgment against relief defendant Prestige Accounting
   Services, Inc. ("Prestige"), froze its assets, and ordered Prestige to
   pay disgorgement and to repatriate investors' funds. On June 6, 2000,
   the Court entered summary judgment against defendants Womack,
   Wilkinson, and Cato, permanently enjoining them from further