U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 17582 / June 24, 2002

   UNITED STATES SECURITIES AND EXCHANGE COMMISSION v. SEBASTIAN CORRIERE
   et al., U.S. District Court for the Middle District of Florida (Tampa
   Division), Civil Action No. 8 02-CV-666-T17EAJ (M.D. Fla April 18,
   2002)

   SEBASTIAN CORRIERE PRELIMINARILY ENJOINED FROM SOLICITING INVESTORS
   FOR FICTITIOUS TRADING PROGRAMS

   On June 18, 2002, the Honorable Elizabeth A. Kovachevich of the United
   States District Court for the Middle District of Florida entered a
   preliminary injunction order (Order) against Sebastian Corriere
   (Corriere), based upon his sales of approximately $3 million in
   fraudulent prime bank securities. The Order found that the Commission
   was reasonably likely to prevail on the merits of the allegations in
   its complaint that Corriere had engaged in fraud and registration
   violations of the securities laws. The Order also froze Corriere's
   assets, as well as those of two relief defendants, Quantum Equities,
   Inc. and The Kings Fellowship, Inc., which the Commission alleged are
   controlled by Corriere and received proceeds from the fraud.

   The Court had previously issued a temporary restraining order (TRO) on
   April 18, 2002, based on a complaint filed by the Commission. The
   Commission has alleged that Corriere, a resident of Clearwater,
   Florida, raised almost $3 million from investors located across the
   country. The complaint alleged that Corriere offered participation
   interests in fictitious prime bank trading programs involving medium
   term notes or MTNs. Corriere allegedly promised investors a return of
   100 percent per week, guaranteed investors that they could not lose
   their initial investment, and told investors that these trading
   programs were risk-free and safe. According to the Commission's
   complaint, these trading programs do not exist, investors never
   received the returns promised, and most investors lost their initial
   investment. In addition, the complaint alleged that Corriere diverted
   some investor funds for personal use. The complaint alleged that, by
   this conduct, Corriere violated 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 action is ongoing.

   This case is part of the Commission's continuing effort to combat
   prime bank fraud and to alert the public to the risks posed by these
   phony investments. The risk of this type of fraud and warnings about
   how to avoid it are spelled out in the Interagency Advisory Warning
   Concerning "Prime Bank" Notes, Guarantees, and Letters of Credit and
   Similar Financial Instruments (October 21, 1993), which is discussed