UNITED STATES SECURITIES AND EXCHANGE COMMISSION

   Litigation Release No. 16635 / July 27, 2000

   SECURITIES AND EXCHANGE COMMISSION v. FIRST CHOICE MANAGEMENT
   SERVICES, INC. and GARY VAN WAEYENBERGHE, Civil Action No. 3
   00CV0446RM (N.D. Ind.)(filed July 26, 2000)

   SEC OBTAINS ASSET FREEZE AGAINST TWO-TIME FELON IN AUTO RECEIVABLES
   FRAUD

   The Commission announced that on July 26, 2000, it filed a complaint
   and motion for emergency relief in federal court in South Bend,
   Indiana, charging Gary Van Waeyenberghe, a Mishawaka, Indiana
   resident, and First Choice Management Services, Inc., (First Choice)
   with an ongoing nationwide investment fraud featuring so-called
   "Enhanced Automobile Receivables." In response to the Commission's
   motion, Judge Robert Miller imposed a temporary restraining order, an
   asset freeze, and other emergency relief.

   According to the Commission's complaint, Van Waeyenberghe and First
   Choice persuaded at least 200 investors in 29 states to invest more
   than $21 million in the investment program from November 1999 to the
   present. Investors were allegedly told that their investments would be
   used to buy high-interest automobile loans for their own accounts,
   that the investments were guaranteed to yield 11%, that the loans were
   guaranteed against default by Lloyd's of London, that if an automobile
   loan defaulted, it would be replaced in the investor's account with
   another loan, and that the program was managed by "a highly successful
   and seasoned management team, most of whom have maintained senior
   level positions with top-level corporations for almost 20 years."

   The complaint alleges that the head of the "management team", Van
   Waeyenberghe was enjoined for his role in a securities fraud in 1984,
   has twice been convicted of felonies including mail fraud, conspiracy
   to defraud the United States, and preparing false tax returns, and is
   now under indictment for bank fraud and bankruptcy fraud. The
   complaint further alleges that Van Waeyenberghe and First Choice have
   misappropriated millions of dollars from the amounts invested, that
   the automobile loans were not purchased as promised, that the
   investments were not insured against default by Lloyd's of London, and
   that First Choice could not guarantee an 11% return as promised.

   The Complaint alleges that Van Waeyenberghe and First Choice violated
   Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933, and
   Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
   thereunder. In addition to emergency relief, it seeks a preliminary
   injunction, a permanent injunction, disgorgement of profits, civil