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             U.S. SECURITIES AND EXCHANGE COMMISSION


Litigation Release No.  15140 / October 29, 1996

SECURITIES AND EXCHANGE COMMISSION v. D'ACQUISTO FINANCIAL GROUP,
INC., et al., Civil Action No. 95-1105BTM (AJB) (S.D. Cal.)

     The Securities and Exchange Commission announced that on
October 23, 1996, United States District Judge Barry T. Moskowitz
of San Diego found John F. D'Acquisto, D'Acquisto Financial
Group, Inc. ("DFG"), Doubleday Trust and Thomas F. Goodman liable
for $7,421,471.27 in disgorgement and prejudgment interest.  The
Court held that the defendants took in $7,000,000 from three
investors in a fraudulent securities offering.  The Court granted
a motion for summary judgment against the defendants.

     From November 1993 through at least June 1994, D'Acquisto, a
Southern California resident, along with DFG, Doubleday, and
Goodman, a Southern California attorney, told investors that they
would receive extraordinary returns on investments with
Doubleday.  The defendants told one investor that its $200,000
investment would be worth $1,833,565.64 in a week's time by
piggybacking the investment to a $500,000,000 "prime bank"
transaction.  The defendants told a second investor that it would
receive returns of 2% to 7.5% per week, and the defendants told a
third investor that it would receive returns of at least 80% per
month.

     Additionally, in an unrelated criminal matter, D'Acquisto
was recently sentenced to 63 months in prison for his attempt to
defraud Prudential Securities, Inc. using a forged $200,000,000
certificate of deposit as collateral.

     For further information, please see Litigation Release Nos.
LR-14562 and LR-14681.