SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.

             Litigation Release No.  16063 /  February 17, 1999

             SECURITIES AND EXCHANGE COMMISSION v. ROBERT COCHRAN, ET
             AL., United States District Court for the Western District
             of Oklahoma, Case Number CIV-94-1477-A

             COMMISSION SETTLES MUNICIPAL BOND FRAUD CASE WITH ROBERT
             COCHRAN, JAMES PANNONE, SAKURA GLOBAL CAPITAL, INC. AND
             STEVEN STRAUSS

                  The Securities and Exchange Commission announced
             settlements with Robert Cochran, James Pannone, Sakura
             Global Capital, Inc. and Steven Strauss with respect to
             alleged fraud in connection with the sale of municipal
             securities underwritten by Stifel, Nicolaus & Company, Inc.
             Cochran was a former executive vice president of Stifel, in
             charge of its Oklahoma public finance office.  Pannone was a
             former vice president of Stifel.  Sakura, a subsidiary of
             Sakura Bank, was engaged in the business of selling
             derivatives, including forward purchase agreements
             ("forwards").  Strauss was a  managing director of Sakura.
             All of the defendants consented to the entry of injunctions
             prohibiting them from violating the antifraud provisions of
             the federal securities laws, and collectively they agreed to
             pay $430,000 in monetary penalties.

                  The Complaint alleges that in a 1992 transaction for
             the Oklahoma Turnpike Authority, despite bond counsel's
             requirement that three competitive bids be obtained for the
             forward, Cochran and Pannone rigged the bidding to ensure
             Sakura's selection as the forward provider.  The Complaint
             also alleges that Cochran and Pannone subsequently
             negotiated with Strauss a $6.593 million undisclosed
             brokerage fee to be paid by Sakura to Stifel, and that
             Pannone falsely described to the Turnpike Authority the
             bidding and negotiation process of the forward.  The
             Complaint further alleges that the forward purchase
             agreement stated that Sakura did not intend to take any
             actions which would jeopardize the tax-exempt status of the
             bonds.  The Complaint alleges that at the time Strauss
             executed the forward on behalf of Sakura, Sakura was
             planning to pay a $6.593 million brokerage fee to Stifel.
             The Complaint alleges that Sakura and Strauss knew or were
             reckless in not knowing that such a brokerage fee would
             jeopardize the tax-exempt status of the bonds.