SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 17196 / October 17, 2001

   Accounting and Auditing Enforcement Release No. 1468 / October 17,
   2001

   Securities and Exchange Commission v. Millionaire.com and Robert L.
   White, Case No. 9-01-3897-23 (S.C., Beaufort Division, filed October
   1, 2001)

   On October 5, 2001, the U.S. District Court for South Carolina entered
   a judgment of permanent injunction against Millionaire.com
   (Millionaire), the publisher of OPULENCE Magazine with headquarters in
   Bluffton, South Carolina, and its president, Robert L. White. In the
   judgment, the court enjoined Millionaire and White from violating the
   antifraud, record keeping and internal controls provisions of the
   federal securities laws, and ordered White to pay a $25,000 civil
   penalty.

   The court entered the judgment after the U.S. Securities and Exchange
   Commission (SEC) filed a complaint charging that Millionaire and White
   violated Sections 10(b), 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the
   Securities Exchange Act of 1934 and Rules 10b-5, 12b-20 and 13a-13,
   thereunder. Millionaire and White consented, without admitting or
   denying the allegations in the complaint, to entry of the permanent
   injunction against them, and White consented to imposition of the
   $25,000 civil penalty.

   In its complaint, the SEC alleged that in a press release issued
   December 21, 1998, Millionaire falsely claimed that it had sold $8
   million of advertising space in its magazine. The SEC further alleged
   that in a press release issued December 24, 1998, Millionaire falsely
   claimed that it had entered into a definitive agreement to purchase an
   established regional auction house. In addition, the SEC alleged that
   on October 5, 2000, Millionaire filed with the Commission a quarterly
   report for the period ended June 30, 2000, that failed to disclose
   that Millionaire had lost its contractual right to exclusive use of
   the Millionaire and Billionaire trademarks. Finally, the SEC alleged
   that Millionaire failed to comply with the record keeping and internal
   controls provisions of the federal securities laws. The complaint
   charged White with aiding and abetting Millionaire's violations.
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Modified 10/17/2001