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U.S. Securities and Exchange Commission


Litigation Release No. 14759 / December 18, 1995

SECURITIES AND EXCHANGE COMMISSION v. CALVIN L. WORD, et al.,
Civil Action No. 1:95-CV-2470-GET (N.D. Ga.)

     The Commission announced that on December 12, 1995, the
Honorable G. Ernest Tidwell, United States District Court Judge
for the Northern District of Georgia, entered a final judgment of
permanent injunction against Richard A. Anders ("Anders").
Anders was permanently enjoined from violating Section 17(a) of
the Securities Act of 1933 and Section 10(b) of the Securities
Exchange Act of 1934 and Rule 10b-5 thereunder.  Anders consented
to the entry of the judgment.  Anders was previously associated
as an unregistered stockbroker with First Alliance Securities,
Inc. ("First Alliance"), a now defunct penny stock broker-dealer
headquartered in Atlanta, Georgia.

     The Commission's complaint alleged that First Alliance
operated as a penny stock boiler room selling to unsophisticated
investors through high pressure sales tactics, misrepresentations
and omissions.  The complaint alleged that Anders falsely told
investors who purchased penny stocks promoted by First Alliance
that such investments would be profitable.  The complaint also
alleged that Anders, in order to sell stocks promoted by First
Alliance and to generate commission income and profits, executed
trades in customers' accounts without customer authorization,
and, on at least one occasion, insisted on a kick-back of 25% of
the profits in order to place a sell order in a customer's
account.

     The Commission's complaint further alleged that Anders
failed to disclose to his customers First Alliance's policy
prohibiting net selling, which effectively prevented investors
from withdrawing funds from the firm, and that persons associated
with First Alliance had undisclosed interests in the stocks
promoted by First Alliance.