SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

Litigation Release No. 17972 / February 6, 2003

   , Civil Action No. CV-03-BE-0270-S (N.D. Ala.) (filed February 6,
   2003)

            SEC SUES SCOTT AND LINDA WATSON FOR INSIDER TRADING

   On February 6, 2003, the Securities and Exchange Commission filed a
   civil injunctive action in the United States District Court for the
   Northern District of Alabama alleging that Linda A. Watson and her
   former husband, Scott Watson ("the Watsons"), who together formerly
   ran The Watson Group Inc., a Birmingham, Alabama executive recruitment
   firm, engaged in insider trading before the August 21, 2000 public
   announcement that Clearnet Communications, Inc. ("Clearnet") would be
   acquired by the Telus Corporation ("Telus").

   The Commission's Complaint alleges that, in August 2000, the Watsons
   went on a family vacation with relatives. According to the Complaint,
   on August 10, 2000, these relatives told the Watsons about an
   impending, non-public, friendly tender offer by Telus for the stock of
   Clearnet. The Complaint alleges that the relatives disclosed the
   information to the Watsons in the context of confiding their anxiety
   about its effect on the job of one of the relatives as a Telus
   executive. The Complaint further alleges that on August 11, the very
   next day, while still on vacation, Linda Watson purchased 3,300 shares
   of Clearnet. On August 16, 2000, Linda Watson opened a margin account
   and bought an additional 3,300 shares of Clearnet. The trades of
   August 11 and 16 were made at A.G. Edwards and Sons, Inc. On August
   17, Linda Watson opened a new trading account at Merrill Lynch and
   purchased 20 Clearnet September 30 call options. This was the first
   time the Watsons had ever purchased options. On August 18, 2000, Linda
   Watson bought another 3,400 shares of Clearnet stock at Merrill Lynch.

   The Complaint alleges that Linda Watson acted on behalf of herself and
   her husband in making all the foregoing trades. While the accounts
   were held solely in Linda Watson's name, the Watsons considered all
   accounts to be joint and shared equally in any profits or losses of
   any trades made in the accounts. In total, between August 11 and
   August 21, 2000, the Watsons bought 10,000 shares of Clearnet and 20
   Clearnet September 30 call options. On August 21, 2000, the day of the
   public announcement, the Watsons sold all their positions and realized
   illegal profits of $159,193.75.

   The Commission is seeking permanent injunctions against the Watsons
   from violations of Sections 10(b) and 14(e) of the Securities Exchange