United States Securities and Exchange Commission

Litigation Release No. 17164 / September 28, 2001

Securities and Exchange Commission v. Gilbert Merrell Wynne, et al., Civil
Action No. 01-4936 (E. D. Pa.)

   The Securities and Exchange Commission ("Commission") announced today
   that, on September 28, 2001, it filed a complaint in federal district
   court in Philadelphia, Pennsylvania, charging that Gilbert Merrell
   Wynne and Richard V. Dear engaged in a fraudulent scheme to defraud
   public investors through the offer and sale of securities issued by
   three entities controlled by Wynne, namely Kingdom Growth Fund, Ltd.,
   Kingdom Financial Services and Orthodox Church of Jesus Christ, Inc.
   The Commission's complaint charges that from at least November 1998
   through November 1999, Wynne and Dear, directly and through their
   salespersons, fraudulently induced investors to purchase the
   securities by making numerous material misrepresentations and
   omissions including, among other things, guaranteeing investors
   returns ranging from 15-20 percent per month. They claimed that the
   investments were risk free and that the guaranteed returns would be
   generated through investing in so-called "prime bank" instruments. In
   actuality the instruments touted by the defendants did not exist and
   there was no reasonable basis for guaranteeing the exorbitant returns.
   Ultimately, the defendants raised at least $2.2 million from more than
   200 investors located in Pennsylvania and other states. According to
   the complaint, none of the investor funds was invested as promised.
   Instead, Wynne used those funds for personal and business expenses, to
   pay existing investors, and to pay commissions to Dear and other
   salespeople.

   In its complaint, the Commission also charges Stephen W. Beik, an
   attorney practicing in Maitland, Florida, with aiding and abetting the
   fraudulent scheme. Beik did so by drafting certain offering documents
   used in the scheme, acting as escrow agent for funds raised in the
   scheme, attempting to generate fees by identifying prime bank
   investments ostensibly suitable for investor funds and by transferring
   investor funds to offshore accounts after he was aware that the
   Commission was investigating the matter.

   Based on the conduct described above, the complaint alleges that
   Wynne, Dear, Kingdom Growth Fund, Ltd., Kingdom Financial Services and
   Orthodox Church of Jesus Christ, Inc. violated Sections 5(a), 5(c) and
   17(a) of the Securities Act of 1933 and Section 10(b) of the
   Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The
   complaint also alleges that Beik aided and abetted the violations of
   Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. In
   addition, the complaint alleges that Wynne and Dear each violated