SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

Litigation Release No. 17122 / September 7, 2001

   ., 00 Civ. 108 (DLC) (S.D.N.Y.)

   SEC OBTAINS $19 MILLION JUDGMENT IN IPO STOCK FRAUD CASE

   On August 14, 2001, the Commission obtained a final judgment requiring
   four defendants to pay a total of $19,395,066 in disgorgement,
   interest, and civil penalties in its securities fraud case involving
   Milan Capital Group, Inc., a company formerly based in Melville, New
   York, and Investment Offices d/b/a AC Financial, Inc., a former
   broker-dealer. The final judgment, by the United States District Court
   for the Southern District of New York, was entered against defendants
   Milan, AC Financial, Ira A. Monas, Jason M. Cope, and relief
   defendants Rita A. Monas, Jennifer Monas, Sands Point International
   Corp., Douglas H. Monas, Michael's Capital Consultants, Inc., and HWK
   Consultants, Inc. The opinion is reported at 2001 U.S. Dist. LEXIS
   11804 (S.D.N.Y. August 14, 2001).

   The Commission filed its original complaint in this matter on January
   7, 2000, charging Milan with unlawfully offering for sale, and
   purportedly selling, IPO securities while failing to be registered
   with the Commission as a broker-dealer. On that same day, the Court
   granted the Commission's request for a temporary restraining order
   freezing Milan's assets and enjoining Milan from acting as an
   unregistered broker-dealer. (January 10, 2000). On January 21, 2000,
   on application by the Commission, the Court appointed a receiver of
   Milan to, among other things, identify and secure Milan's assets and
   property, ascertain the disposition of investors' funds, and ensure
   the fair treatment of all investors who dealt with Milan.

   In an amended complaint filed on February 29, 2000, the Commission
   charged Monas, Cope, Michael I. Lamhut, and others with violating the
   antifraud provisions of the federal securities laws, and charged
   Monas, Cope, and Lamhut with aiding and abetting Milan's violation of
   the broker-dealer registration provisions. The Commission also named
   members of Monas' family and three entities as relief defendants.
   (March 1, 2000).

   On November 9, 2000, the Court granted the Commission's motion for
   partial summary judgment, finding that Monas and Milan, through Cope
   and his team of brokers at the AC Financial Pittsburgh office,
   convinced approximately 200 customers to pay almost $9 million for
   shares in several IPOs. The Court found that Milan did not have access
   to IPOs and never provided investors with any IPO shares. The Court