SECURITIES AND EXCHANGE COMMISSION

     Litigation Release  15759 /  May 28, 1998

     SEC v. Edward Snyder, and Robert E. Carroll, Civil Action
     No. 3:98-CV-1215-H (USDC ND TX).

     The Commission announced that on May 22, 1998, it filed a complaint
seeking
     preliminary and permanent injunctions and an immediate asset freeze
against
     Edward Snyder, of San Diego, California and Robert E. Carroll, of
Keswick,
     Virginia, alleging the defendants had violated Section 17 (a) of the
     Securities Act and Section 10 (b) of the Exchange Act and Rule l0b-5
     thereunder.

     The complaint alleges that from October 1997 to March 1998, Snyder and
     Carroll sold securities in the form of investment contracts to
investors,
     telling those investors that Carroll would invest their money in a
prime
     bank investment program which would yield returns of from 17% to 100%
per
     month for periods of up to five years.  The complaint further alleges
that
     none of these funds obtained from investors were invested in such a
     program.  It is alleged that, instead, investor funds were deposited in
a
     brokerage account maintained by Carroll and used to purchase shares in
a
     money market fund and to pay Carroll s personal expenses.

     On May 22, 1998, the Honorable Barefoot Sanders, United States
District
     Judge for the Northern District of Texas, issued an order freezing the
     assets of Snyder and Carroll.  Judge Sanders also scheduled a court
date of
     June 1, 1998, for a hearing on the Commission's motion for preliminary
     injunction.