U.S. Securities and Exchange Commission

Litigation Release No. 18356 / September 22, 2003

. Civil Action No. 03-CV-1825 PHX (PGR), United States District Court for
the District of Arizona.

   On September 18, 2003, the Commission filed an emergency action in
   United States District Court in Phoenix, Arizona, charging Ronald
   Stephen Holt and International Funding Association with securities
   fraud in connection with a nationwide offering of investment
   contracts. Judge Paul G. Rosenblatt granted the Commission's request
   and entered orders to recover and conserve assets for the benefit of
   victims of the scam, including an asset freeze, an accounting, the
   appointment of a receiver, an order preserving documents and an order
   for the repatriation of funds moved overseas. The scheme began in 1997
   and raised at least $1.4 million, and possibly as much as $25 million,
   from as many as 4,600 investors nationwide.

   In its action, the Commission named the following individuals
     * Ronald Stephen Holt, 52, of Mesa, Arizona, who has held himself
       out as the manager of International Funding since 1997; and

     * International Funding Association, an unincorporated business
       association that originally leased offices in Phoenix, but later
       claimed the Bahamas as its headquarters.

   In its complaint, the Commission alleges that by mailings and personal
   solicitations, Holt represented that International Funding and another
   entity, Cambridge Global Group, which later combined with
   International Funding, would pool funds received from investors for
   foreign investment, and generate anticipated returns of at least 5% to
   7% per month, which equates to annual returns of 79.58% to 125% per
   year. The foreign investments were supposed to involve "Federal
   Reserve Notes" and various "for profit" ventures, including trading in
   currency, commodities, precious metals and real estate. Further,
   investors were assured that they could retrieve their funds 90 to 180
   days after investment.

   According to the Commission's complaint, notwithstanding Holt's
   assurances and representations, many International Funding investors
   have been unable to recover the principal they invested or their
   supposed profits, and Holt has refused to substantiate the use of
   investor funds or the location of investment assets. The Commission's
   investigation prior to filing suit found no evidence that Holt and
   International Funding had actually invested funds raised from
   investors or generated the represented returns; instead, Holt appears
   to have misapplied investor funds, including to purchase an expensive