SECURITIES AND EXCHANGE COMMISSION

   Litigation Release No. 16318 / September 30, 1999

   SECURITIES AND EXCHANGE COMMISSION V. FIRST SPRINGFIELD SECURITIES,
   INC., DONALD RADLE AND MICHAEL DWYER, CIVIL ACTION NO.
   99-3356-CV-S-RGC (W.D.MO.)

   The Securities and Exchange Commission (Commission) announced that, on
   September 28, 1999, it filed a Complaint in the United States District
   Court for the Western District of Missouri against First Springfield
   Securities, Inc. (FSSI), its former president, Donald E. Radle
   (Radle), and a former registered representative, Michael S. Dwyer
   (Dwyer), alleging that they violated the antifraud provisions of the
   federal securities laws in connection with the offer, purchase and
   sale of securities through FSSI.

   The Commission's complaint alleges that, from approximately November
   1997 through April 1998, FSSI and Radle, the 65 year old former
   president of FSSI who lives in Springfield, Missouri, raised at least
   $4 million from investors by offering and selling securities which
   purportedly were backed by collateral and offered extraordinary
   returns. In addition, the Complaint alleges that FSSI and Radle
   represented to investors that investor funds would be placed in
   designated accounts for the benefit of the investor and would not be
   released for any purpose until FSSI obtained collateral in the form of
   United States Treasury Bonds or "Bank Guaranteed Payment Directives."
   The Complaint further alleges that investors were promised high annual
   returns, ranging from 50% to an extraordinary 720%, from their
   investments with FSSI.

   The Complaint alleges, however, the representations made to investors
   were false. FSSI and Radle never placed investor funds in accounts
   designated for the benefit of investors, never obtained or held the
   collateral promised to the investors, and directed investor funds to
   accounts neither Radle nor FSSI controlled. In addition, FSSI and
   Radle misrepresented the rates of return because Radle, as president
   of FSSI, did not have any legitimate basis for believing that the
   returns could be produced. Radle knew this was false because he did
   not obtain critical information about how the rates of return would be
   generated. The Complaint also alleges that most of the investors lost
   all, or nearly all, of their money.

   In addition, the Complaint alleges that Dwyer, a 49 year old former
   registered representative at FSSI, attempted to obtain investor funds
   for the fraudulent scheme from two elderly sisters. The Complaint
   alleges that Dwyer met with two elderly sisters in a nursing home and
   attempted, under false pretenses and without their consent, to obtain