U.S. SECURITIES AND EXCHANGE COMMISSION

   Litigation Release No. 16345 / October 29, 1999

   , Civil Action No. 99-11280 RAP (AJWx)

   The United States Securities and Exchange Commission today announced
   that it has filed an emergency lawsuit in federal court to halt an
   ongoing fraud by Ronald Mulhall, Eugene Carriere, and entities
   controlled by them, in which more than $8.8 million has been raised
   from more than 600 investors in a scam involving Internet
   website-based "channels". The Court ordered the defendants to
   immediately cease their fraudulent activities and placed a freeze on
   their assets for 10 days pending a hearing to determine the full
   extent of their fraudulent conduct. The Complaint was filed and the
   Court's order was issued on October 28 but was sealed until today, in
   order to avoid alerting the defendants of law enforcement interest
   until the Federal Bureau of Investigation and U.S. Postal Inspectors
   could execute search warrants they had obtained for the premises of
   the defendants and boiler rooms located in the Los Angeles area.

   The Complaint alleges that the defendants are selling unregistered
   securities in Yes Entertainment, LLC, a Nevada limited liability
   company which operates Internet website-based "channels". The
   defendants represent to investors that sales commissions are 12% when,
   in fact, they are 45%, and that Mulhall, the President and Chief
   Executive Officer of Yes Entertainment Network, Inc., is a "highly
   successful lawyer" when, in fact, he has been disbarred by the State
   Bar of California for misappropriating client funds. In addition, the
   defendants have diverted substantial sums for personal use and have
   wired almost $3.2 million to Hong Kong.

   Defendants are selling securities in Yes Entertainment, LLC to
   investors located throughout the country through at least two boiler
   rooms, one in Beverly Hills and the other in Lake View Terrace.
   Mulhall, age 53, is a resident of El Segundo, California and Carriere,
   age 50, is a resident of Westminster, California. Yes Entertainment
   Network, Inc. is a Nevada corporation with offices in Century City.

   The lawsuit, which was filed in the United States District Court for
   the Central District of California, charges the defendants with
   violating the antifraud provisions of Section 17(a) of the Securities
   Act of 1933 (Securities Act) and Section 10(b) of the Securities
   Exchange Act of 1934 and Rule 10b-5 thereunder. In addition, it
   charges the defendants with violating Sections 5(a) and 5(c) of the
   Securities Act.
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