SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 17148 / September 21, 2001

SEC V. CHRISTOPHER A. LOWRY, ET AL., U.S. District Court for the District of
Minnesota, Case No. 00-348 (MJD/JGL), filed February 15, 2000

   The Securities and Exchange Commission obtained disgorgement of over
   $176,000 from Christopher A. Lowry, a registered investment adviser in
   St. Paul, Minnesota, which was the full amount the Commission had
   alleged Lowry misappropriated from investors and used to buy his own
   home. The disgorgement was part of the settlement of the enforcement
   action the Commission brought last year against Lowry and Fountainhead
   Retirement Plan Services, Inc. d/b/a 401(k) University, a start-up
   company controlled by Lowry. Under the terms of the settlement, which
   was entered by the United States District Court for the District of
   Minnesota on December 7, 2000, Lowry and 401(k) University, without
   admitting or denying the allegations made in the Commission's
   Complaint, consented to the entry of an order that permanently enjoins
   them from violating the antifraud provisions of the federal securities
   laws, and orders Lowry to pay $156,500 in disgorgement plus
   approximately $20,000 in prejudgment interest. In accordance with the
   settlement, Lowry repaid $176,627.23 on February 20, 2001, which was
   disbursed to investors according to court order.

   In its complaint, filed on February 15, 2000, the Commission alleged
   that Lowry and 401(k) University raised approximately $488,000 from 14
   individuals who purchased stock of 401(k) University. All the
   investors are located in the Minneapolis/St. Paul area of Minnesota.
   Lowry raised the money through the sale of 401(k) University stock,
   claiming that investor proceeds would be used as 401(k) University
   start-up capital. The Commission charged that Lowry and 401(k)
   University misrepresented the use of investor proceeds and
   misappropriated a significant portion of investor funds. In
   particular, the Commission alleged that Lowry omitted to tell
   investors that he was going to use approximately one-third of the
   proceeds to purchase his personal residence. The Complaint alleged
   that as a result of the conduct described above, Lowry and 401(k)
   University violated Section 17(a) of the Securities Act of 1933,
   Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
   thereunder.
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Modified 09/22/2001