SECURITIES AND EXCHANGE COMMISSION

   Litigation Release No. 16389 / December 13, 1999

   SECURITIES AND EXCHANGE COMMISSION v. LEWIS ALLEN RIVLIN, EDWIN EARL
   HULING III, AND ALFRED HUASCAR VELARDE, AS DEFENDANTS; AND Z-FINANCE,
   S.A., ANTHONY P. ZIOUDAS, HEDLEY FINANCE LTD., CHRISTIAN DANTE, AND
   CHRYSANTHOS CHRYSOSTOMOU, AS RELIEF DEFENDANTS, Civil Action No.
   99-1455 (RCL) (U.S. District Court for the District of Columbia)

   The Securities and Exchange Commission today announced that on
   December 10, 1999, the Honorable Royce C. Lamberth of the United
   States District Court for the District of Columbia issued a
   Preliminary Injunction against Defendant Lewis Allen Rivlin
   temporarily restraining and enjoining Rivlin from violations of the
   broker-dealer registration provisions of Section 15 of the Securities
   Exchange Act of 1934 (the "Exchange Act"). The Commission also
   announced today that on July 30, 1999, Judge Lamberth entered a Final
   Judgment of Permanent Injunction and Other Relief as to Defendant
   Alfred H. Velarde in which Velarde, without admitting or denying the
   allegations against him, was enjoined from violations of the antifraud
   provisions of the Exchange Act and was ordered to pay a civil money
   penalty of $20,000, pursuant to Velarde's previously-announced
   agreement to settle with the Commission (see Litigation Release No.
   16,179 (June 8, 1999)).
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Modified 12/15/1999