UNITED STATES SECURITIES AND EXCHANGE COMMISSION

LITIGATION RELEASE NO. 17120 / September 7, 2001

   SECURITIES AND EXCHANGE COMMISSION V. RONALD K. RANDOLPH,
   INDIVIDUALLY, AND D/B/A INTERNATIONAL POLYMERS WORKS CIVIL ACTION NO.
   1 01-CV-621, USDC, ED/TX (Beaumont Division)

   On September 6, 2001, the Securities and Exchange Commission filed a
   civil action against Ronald K. Randolph, individually, and doing
   business as International Polymers Works ("IPW"), for an affinity
   fraud securities offering that exclusively targeted African-American
   Baptist investors, many of whom were elderly and disabled. The
   Complaint, filed in the United States District Court for the Eastern
   District of Texas, Beaumont Division, alleges that Randolph, a
   48-year-old resident of Beaumont, Texas and a Baptist minister, sold
   securities in IPW promising returns between 7-30%. Randolph raised
   $3.5 million from 155 investors in several states from late 1997
   through at least November 2000. In connection with these sales,
   Randolph made false and misleading statements to investors regarding
   IPW's business prospects, the security and returns associated with the
   investment, and the use of investor funds. For example
     * Randolph represented that IPW was a profitable company that had
       gross sales of $4.4 million and had contracts with major
       corporations such as Exxon, Dupont and Dow Chemical. Randolph,
       also, advised investors that IPW had contracted with China and
       Taiwan to export its products.
     * Randolph represented to investors that their investments were safe
       because they were insured by Lloyds of London.

   These representations were not true. In fact, IPW had minimal business
   operations and Randolph simply used investor monies to make "Ponzi"
   payments to prior investors and to pay personal expenses. Moreover,
   there were no Lloyds guarantee, contracts with major corporations or
   export contracts with China and Taiwan.

   The Complaint charges the defendant with violating the securities
   registration and antifraud provisions of 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
   Commission seeks permanent injunctive relief against Randolph, as well
   as an accounting, disgorgement with prejudgment interest, and a civil
   money penalty.
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Modified 09/07/2001