U.S. SECURITIES AND EXCHANGE COMMISSION

     LITIGATION RELEASE NO. 15418 / July 24, 1997

     SECURITIES AND EXCHANGE COMMISSION V. STEPHEN J. MURPHY
     Civil Action No. CV 97-2719 JMI (CWx) (C.D. Cal.)

          The Securities and Exchange Commission ("Commission") announced
that
     on July 15, 1997, the Honorable James M. Ideman, United States
District
     Judge, entered a permanent injunction ("Injunction") against a repeat
     securities violator from Playa del Rey, California, Stephen J. Murphy
     ("Murphy"), for his role in a scheme involving selling investments in
a
     business that was to own and operate automated teller machines
("ATMs").

          In its Complaint, the Commission alleges that since at least
June
     1996, Murphy offered and sold limited partnership interests through a
Los
     Angeles company doing business as ATM Global, Inc. ("ATM Global").
The
     limited partnership was to raise $2.8 million from investors and then
     acquire, own and operate ATMs nationwide.  ATMs generate revenue
through
     transaction fees charged to customers who use them.  The written
offering
     materials that Murphy approved state that the projected return to
investors
     would be over 176% in the first year and 203% annually in the second
     through seventh years.  Murphy designed the limited partnership program
and
     led the promotional and sales efforts.  To date, Murphy himself has
raised
     at least $377,500 from investors located in Southern California,
South
     Carolina and Virginia.

          The Commission alleges that, in offering and selling the limited
     partnership interests to investors, Murphy misrepresented his identity
by