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   SECURITIES AND EXCHANGE COMMISSION

   LITIGATION RELEASE NO. 15732 / May 6, 1998

   SECURITIES AND EXCHANGE COMMISSION v. EDWARD J. PARADIS, JR. AND
   WALTER R. SNYDER, JR. (United States District Court for the District
   of Massachusetts, Civ. Action No. 98-10638-NG).

   The Securities and Exchange Commission announced that on April 30,
   1998, the Honorable Nancy Gertner, U.S. District Judge for the
   District of Massachusetts, entered a Preliminary Injunction and Order
   Continuing Asset Freeze and Other Relief ("Order") preliminarily
   enjoining EDWARD J. PARADIS, JR. (of Sturbridge, Massachusetts) and
   WALTER R. SNYDER, JR. (of Southbridge, Massachusetts) from continuing
   a fraudulent investment scheme in violation of the federal securities
   laws. The Order also continues a freeze of assets of Paradis and
   Snyder originally entered by the Court on April 13, 1998, and grants
   other relief. The Court entered the Order upon a motion by the
   Commission. One of the defendants, Walter Snyder, consented to the
   relief.

   The Commission's Complaint in the action alleges that Paradis and
   Snyder obtained $175,000 from an investor, promising him a return of
   over 300% in stock and cash within thirty days. They falsely told the
   investor that his money would be safely held in Snyder's attorney
   escrow account until completion of a "financing" transaction that
   would produce the 300% profit. Contrary to their promises to the
   investor, Paradis and Snyder began removing the investor's funds as
   soon as the funds arrived in Snyder's account, and have
   misappropriated at least $157,000 to date, using it for purposes such
   as paying Paradis' rent. Some of the investor funds were transferred
   to a Swiss bank account in Paradis' name.

   On April 13, the Court granted a temporary restraining order and asset
   freeze and ordered repatriation of funds diverted overseas.

   In the April 30 Order, the Court ruled that the Commission had shown a
   likelihood that it would prove at trial that defendants had violated
   the antifraud provisions of the federal securities laws, Section 17(a)
   of the Securities Act of 1933 and Section 10(b) and 15(a) of the
   Securities Exchange Act of 1934 and Rule 10b-5 thereunder. In its
   lawsuit, the Commission also seeks a permanent injunction,
   disgorgement of Paradis' and Snyder's ill-gotten gains and civil
   monetary penalties.

   For further information, please see Litigation Release no. 15706.