UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Rel. No. 17633 / July 26, 2002

   Court Issues$190,000 Asset Freeze Against Rhode Island Broker David
   Ullom, a Relief Defendant, in Connection with Alleged Fraudulent
   Offering Scheme

   The Commission announced that, on July 17, 2002, the Rhode Island
   federal district court entered an order imposing a $190,000 asset
   freeze against David L. Ullom, branch office manager of the Cranston,
   Rhode Island office of Raymond James Financial Services, Inc., in
   connection with an alleged fraudulent scheme that raised at least $52
   million from investors between 1999 and 2001. The Commission named
   Ullom as a relief defendant in its complaint and does not accuse Ullom
   of any wrongdoing; rather, the Commission alleges that Ullom received
   approximately $190,000 in investor funds to which he has no legitimate
   claim.

   The Commission alleges in its complaint, filed April 1, 2002, that
   individuals associated with an entity formerly known as Brite Business
   made fraudulent representations to investors, promising exorbitant
   returns through a high yield trading program. According to the
   Commission's complaint, most of the Brite Business investor funds were
   maintained in a brokerage account at Raymond James' Cranston, Rhode
   Island office. The complaint alleges that Dennis Herula was a
   registered representative at the Cranston office of Raymond James and
   was the designated representative for the Brite Business account. The
   complaint further alleges that, between 1999 and 2001, Herula and
   others associated with Brite Business misappropriated, transferred or
   lost approximately $20 million in investor funds. According to the
   Commission's complaint, Ullom received $190,000 in Brite Business
   investor funds to which he was not entitled and for which he performed
   no services. The Commission alleges that those funds should be
   returned to investors. The Court held a hearing on May 10, 2002
   concerning Ullom and his receipt of the investor funds. On July 17,
   the Court issued a Memorandum and Order freezing $190,000 of Ullom's
   assets, based on its finding that the Commission is likely to succeed
   in proving that Ullom has no legitimate claim to those funds.

   For further information, please see, (May 13, 2002); (April 5, 2002);
   (January 24, 2002)(subpoena enforcement action against Defendant
   Capalbo); and (January 16, 2002)(subpoena enforcement action against
   Defendant Herula).
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Modified 07/26/2002