SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 17114 / September 4, 2001

   SECURITIES AND EXCHANGE COMMISSION v. ILAN ARBEL AND DAVID MELILLO CV
   01 5985 (IG) (E.D.N.Y.) (August 30, 2001)

   SEC Charges Ilan Arbel and David Melillo for Roles in Fraudulent Sales
                          of Hollywood Securities

   The Securities and Exchange Commission (the "Commission") announced
   that it filed a civil injunctive action charging Ilan Arbel ("Arbel"),
   an Israeli citizen and resident of New York City, and David Melillo
   ("Melillo"), a resident of Saint Petersburg, Florida, for their roles
   in a fraudulent scheme to sell the securities of Hollywood
   Productions, Inc., now known as Shopnet.com, Inc. ("Hollywood").

   The Commission's complaint alleges that Arbel and Melillo sold
   Hollywood securities through Euro-Atlantic Securities, Inc. ("Euro")
   to the investing public at artificially inflated prices and shared the
   illicit profits. Pursuant to the scheme, Arbel, through his control of
   Hollywood securities, provided the supply of securities at a discount
   to Euro. Melillo, through his control of Euro, provided the retail
   sales operation - in essence a "boiler room" - that created demand for
   Hollywood securities and controlled the price of Hollywood securities
   through fraudulent and deceptive sales practices.

   The Commission's complaint also alleges that the fraudulent sales
   practices included using part of the illicit proceeds to pay Euro
   brokers undisclosed commission "kickbacks" for selling Hollywood
   securities without customer authorization, refusing to execute
   customer requests to sell Hollywood securities and requiring customers
   to purchase Hollywood securities in the aftermarket in order to
   receive Hollywood securities in its initial public offering.

   As a result of their fraudulent scheme, Arbel and Melillo defrauded
   investors of approximately $8 million from the sales of Hollywood
   securities.

   The Commission seeks the following relief from Arbel and Melillo (i)
   permanent injunctions from further violations of the antifraud
   provisions of the federal securities laws, Section 17(a) of the
   Securities Act of 1933 ("Securities Act") and Section 10(b) of the
   Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5
   thereunder; (ii) a permanent injunction against Melillo from further
   violations of the rules concerning initial public offerings, Rule 101
   of Regulation M; (iii) disgorgement of ill-gotten gains; and (iv)
   civil monetary penalties.