SECURITIES AND EXCHANGE COMMISSION

LITIGATION RELEASE NO. 17845 / November 18, 2002

   (United States District Court for the Middle District of Florida, C.A.
   No. 6 01-CV-364-ORL-31-KRS)

   The Commission announced today the entry of separate judgments against
   two defendants in a prime bank securities fraud case. First, on
   October 30, 2002, the United States District Court for the Middle
   District of Florida granted the Commission's motion for summary
   judgment against Kenneth C. Nunn ("Nunn") of Kent, England, the
   scheme's central figure. According to the Commission's complaint, Nunn
   solicited U.S. promoters and falsely told them that his prime bank
   trading program would pay 15% a month for twelve months and that
   investor funds were fully collateralized by U.S. Treasury Bills. Nunn
   also allegedly told U.S. promoters that for years he had successfully
   operated high-yield prime bank programs, buying and selling
   newly-issued bonds in 45-minute intervals and earning 20% per week
   with no risk. U.S. citizens invested $3.55 million in the scheme. The
   investors' funds were sent to an off-shore bank account controlled by
   Nunn. None of the funds were used to buy securities and investors did
   not receive their promised return or return of all principal. Nunn
   allegedly used over $400,000 of the funds for his personal benefit.

   The Court's judgment enjoins Nunn from future violations of the
   securities and broker-dealer registration provisions as well as the
   general antifraud provisions of the federal securities laws. The
   judgment orders Nunn to pay disgorgement of $401,000 plus prejudgment
   interest of $126,421. Further, the Court ordered Nunn to pay a civil
   penalty of $200,000.

   The Commission also announced that on November 8, 2002, a judgment by
   consent was entered against Earl A. Abbott of Titusville, Florida in
   the same matter. The Commission's complaint alleged that Abbott
   recruited others to sell the $3.55 million of non-existent prime bank
   securities to investors in five different states. Abbott, without
   admitting or denying the Commission's allegations, agreed to settle
   the matter by agreeing to the entry of an injunction against future
   violations of the securities and broker-dealer registration provisions
   and the antifraud provisions of the federal securities laws and the
   payment of a $25,000 civil penalty.

   The Commission's complaint alleged that, in connection with this
   scheme, Nunn and Abbott engaged in transactions, acts, practices and
   courses of business which constituted violations of Section 17(a) of
   the Securities Act of 1933, Section 10(b) of the Exchange Act of 1934
   ("Exchange Act"), and Rule 10b-5 thereunder, Section 5(a) and 5(c) of