U.S. SECURITIES AND EXCHANGE COMMISSION



     Litigation Release No.  15762 / May 29, 1998

     U.S. v. JOHN D'ACQUISTO 98-CR-1703-K (S.D. Cal.)

          The U.S. Attorney for the Southern District of California and the
     Securities and Exchange Commission announced that on May 28, 1998, a
     federal grand jury in San Diego charged John D'Acquisto with 39 counts
of
     wire fraud and money laundering in connection with a scheme to defraud
     investors.  The indictment alleges that D'Acquisto raised
approximately
     $7,000,000 from investors through false, fraudulent and misleading
     representations.  The indictment further alleges that D'Acquisto
     represented that his investment programs would pay investors returns
of
     five to seven and one-half percent per week and that certain
investment
     transaction reports sent to investors falsely claimed that the
investments
     had grown by millions of dollars.  D'Acquisto allegedly used some of
the
     proceeds to purchase a $71,148.17 Porsche, three race horses costing
     $530,000; and an escrow payment of $100,000.

          In connection with these charges, D'Acquisto faces up to five
years
     imprisonment and a $250,000 fine on each of the 26 counts of wire
fraud,
     and up to 20 years imprisonment and a $500,000 fine on each of the
seven
     counts of money laundering.  D'Acquisto also faces up to 10 years
     imprisonment and a $250,000 fine for each of the six counts of engaging
in
     monetary transactions in property derived from a specified unlawful
     activity.

          In September 1995, D'Acquisto was enjoined in a civil fraud
action