U.S. SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No. 15461 / August 27, 1997

     SECURITIES AND EXCHANGE COMMISSION v. FRANK A. M. LUCA, RUDY CROSSWELL,
and
     PAULA G. DEN BOER, Civil Action No. CV-97-1813-PHX-EHC (D. Az.)

          The Securities and Exchange Commission ("Commission") announced
that
     on August 27, 1997 it sued Frank A. M. Luca, age 53, of Scottsdale,
     Arizona, for fraud, and sued Luca and two of his sales agents, Rudy
     Crosswell, age 49, of Scottsdale, Arizona, and Paula G. Den Boer, age
47,
     of Paradise Valley, Arizona, for offering and selling unregistered
     securities and for failing to register with the Commission as
securities
     broker-dealers.  Luca, Crosswell and Den Boer offered and sold
limited
     partnership units and promissory notes from 1990 to 1995.  From at
least
     January of 1990, Luca raised over $10 million from over 400 mostly
elderly
     and unsophisticated investors nationwide.  Many of the investors
attended
     the same church as Luca in Scottsdale, Arizona.

          Luca told investors that they were investing in residential and
     commercial real estate developments in Henderson, Nevada, a community
near
     Las Vegas.  Although some investor funds were used to purchase and
develop
     land, most were used: (1) to pay principal and "returns" to earlier
     investors, (2) to build and furnish Luca's lavish 10,000 square foot
home
     in Scottsdale, Arizona, and (3) to pay personal expenses, commissions
and
     business expenses.  Luca also made large gifts and loans to charities.
The
     Commission alleges that Luca misappropriated over $3.2 million from
     investors.  Although Luca had no business activities that generated
any
     profit to him or his investors, he continually paid investors "returns"