United States Securities and Exchange Commission
Boston, Massachusetts

Litigation Rel. No. 17800 / October 23, 2002

Court Issues Permanent Injunction Against Former Broker Dennis Herula in
Connection with Fraudulent Offering Scheme

   The Commission announced that it has obtained a permanent injunction
   in a civil fraud action against Dennis Herula, who participated in a
   fraudulent offering scheme that raised at least $52 million from
   investors. In addition to being permanently enjoined from future
   violations of the federal securities laws, Herula was ordered to pay
   disgorgement, plus prejudgment interest, in the total amount of
   $18,941,665.63, and was assessed a $250,000 civil monetary penalty.

   The Commission filed its action against Herula and eight other
   defendants and a relief defendant on April 1, 2002, alleging that
   individuals associated with an entity formerly known as Brite Business
   Corporation 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 the Cranston, Rhode Island
   office of Raymond James Financial Services, where Herula worked as a
   broker. The complaint alleges that Herula 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.

   On April 3, 2002, the federal court in Rhode Island entered a
   temporary restraining order and asset freeze against Herula, and on
   May 8, 2002, the court entered a written preliminary injunction
   against him. The court orally granted the Commission's motion for the
   entry of final judgment by default against Herula on October 10, 2002,
   and issued a written memorandum and order against him on October 17,
   2002, permanently enjoining Herula from future violations of the
   antifraud provisions of the federal securities laws (Section 17(a) of
   the Securities Act of 1933 and Section 10(b) of the Securities
   Exchange Act of 1934 and Rule 10b-5 thereunder).

   In its memorandum and order, the court found that Herula made
   intentional misrepresentations to investors, including misrepresenting
   the nature of an investment program, its overall risk and the status
   of funds. Herula was also found to have sent forged brokerage account
   statements to an investor's representative and created false documents
   on stationery of a brokerage firm indicating that an account was
   frozen when in fact it was never frozen. In addition, the court found