SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 17167 / October 2, 2001

   Accounting and Auditing Enforcement Release No. 1462 / October 2, 2001

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

   On Monday, October 1, 2001, the U.S. Securities and Exchange
   Commission (SEC) filed a complaint in the U.S. District Court for
   South Carolina against Millionaire.com (Millionaire), the publisher of
   OPULENCE Magazine, and its president, Robert L. White. The SEC alleges
   in its complaint that Millionaire violated the antifraud, reporting,
   record keeping and internal controls provisions of the federal
   securities laws, and that White aided and abetted Millionaire's
   violations.

   The SEC alleges 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 alleges 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 alleges 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 alleges that
   Millionaire failed to comply with the record keeping and internal
   controls provisions of the federal securities laws. The complaint
   charges White with aiding and abetting Millionaire's violations.

   Millionaire and White have consented, without admitting or denying the
   SEC's allegations, to the entry by the Court of a permanent
   injunction, enjoining future violations by Millionaire and White of
   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.
   White has also agreed to pay a $25,000 civil penalty.
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Modified 10/03/2001