SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.

     LITIGATION RELEASE NO. 15434 / August 6, 1997

     SECURITIES AND EXCHANGE COMMISSION V. MICHAEL SNOWHITE, BLS
CONSULTING,
     CHARLES BORATGIS, PAUL LAND, JEFFREY STERN, SHELLEY OLANDER, MORREY
     WASSERMAN, 900 FINANCIAL SERVICES, L.L.C., DAVID KANE, AND SAM
SARCINELLI
     D/B/A/ S&S CONSULTING
     Civil Action No. C-97-2888 (VRW)

          The Securities and Exchange Commission (the "Commission") today
     announced the filing of a Complaint in the United States District Court
for
     the Northern District of California against Michael Snowhite, BLS
     Consulting, Charles Boratgis, Paul Land, Shelley Olander, Morrey
Wasserman,
     900 Financial Services, L.L.C., David Kane, and Sam Sarcinelli d/b/a
S&S
     Consultants, alleging that the defendants violated certain of the
     antifraud, securities registration, and broker-dealer registration
     provisions of the federal securities laws in connection with the sale
of
     general partnership units in a 900 telephone line venture.

          The Complaint alleges that certain of the defendants made
material
     misrepresentations in the offering materials and in telephone
     solicitations, that prospective investors could receive between a 24
     percent return, for a four month period, to a 203 percent return, for
a
     sixteen month period, on their investment in Telefund, and that these
and
     other projections of extraordinarily high returns to investors were
without
     basis in fact.  Ultimately, Telefund received a total of $1,180,000
from
     investors, most of which was used to pay sales commissions and other
     initial start up costs, according to the Complaint.  In the Complaint,
the
     Commission seeks a permanent injunction against defendants Snowhite,