U.S. Securities and Exchange Commission

Litigation Release No. 17428 / March 21, 2002

Securities and Exchange Commission v. James Oh, Civil Action No. CV 02361 HU
(Oregon)

SEC Charges Former Portfolio Manager with Fraud

   The Securities and Exchange Commission today sued a portfolio manager
   who was formerly associated with two Oregon investment adviser firms
   for defrauding his clients out of $500,000.

   James Oh, age 35, of Springfield, Illinois, was charged with
   securities fraud and investment adviser fraud for misappropriating
   client funds while he was a portfolio manager at Cascade Asset
   Management Co., in Portland, Oregon, and IMS Capital Management Inc.,
   in Clackamas, Oregon, from April 1999 to June 2000.

   According to the complaint, filed today in United States District
   Court in Portland, Oregon, Oh falsely told clients about purported
   investment opportunities and then deposited the client funds into his
   personal bank accounts and used those funds for personal expenses. Oh
   used clients' funds to pay personal expenses such as mortgage and bank
   loan payments, credit card bills, golf club fees and dues, lease
   payments for three cars, wine, furniture, jewelry, and clothes.

   Oh has agreed to be barred from any future association with an
   investment adviser. In addition, Oh, without admitting or denying the
   allegations of the Complaint, consented to the entry of a Final
   Judgment permanently enjoining him from violating the antifraud
   provisions of the federal securities laws, Section 17(a) of the
   Securities Act of 1933, Section 10(b) of the Exchange Act of 1934 and
   Rule 10b-5 thereunder, and Sections 206(1) and (2) of the Advisers
   Act. Oh also consented to an order requiring him to pay disgorgement
   in the amount of $500,000, plus prejudgment interest, but waiving
   payment of disgorgement and prejudgment interest and not assessing
   civil penalties, based upon his sworn representations in his statement
   of financial condition.

   The Commission wishes to thank the State of Oregon Department of
   Consumer and Business Services, Division of Finance and Corporate
   Securities and the State of Washington Department of Financial
   Institutions, Securities Division for their assistance in this matter.

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Modified 03/22/2002