Securities and Exchange Commission

Litigation Release No. 18338 / September 10, 2003

SEC Defendant Pleads Guilty to Conspiracy to Commit Securities Fraud

SEC v. A. B. Financing and Investments, Inc., and Anthony Blissett, Case No.
02-23487-CIV-UNGARO-BENAGES (S.D. Fla.) (filed December 6, 2002)

   The Securities and Exchange Commission (SEC) announced today that
   Miami resident Anthony Blissett, a defendant in a $51.9 million
   offering fraud that the SEC halted in December 2002, has pled guilty
   to criminal charges brought by the United States Attorney's Office for
   the Southern District of Florida (USAO). The prosecution of the matter
   was handled as part of the Securities Fraud Initiative, a coordinated
   effort by the SEC's Southeast Regional Office (in Miami), the USAO,
   and other agencies, to combat securities fraud in South Florida.

   Blissett pled guilty today to conspiracy to commit securities fraud,
   based on the same misconduct that led the SEC to take action.
   According to an Information filed by the USAO, Blissett solicited
   investors to purchase promissory notes issued by his company, A.B.
   Financing and Investments, Inc. (ABFI). According to the Information,
   Blissett used sales materials that contained many materially false
   statements and omissions, some of which are described below, to induce
   investors to purchase ABFI notes.
     * The materials claimed that ABFI was a successful company that had
       more than $36 million in assets. In fact, ABFI had a negative net
       worth of more than $27 million.

     * The materials claimed that ABFI insured investors' principal. In
       fact, ABFI neither insured investor funds nor maintained insurance
       for the investor funds.

     * The materials claimed that investing with ABFI involved "no risk"
       or "low risk" and that investors were guaranteed a 30% annual rate
       of return. In fact, an investment in ABFI involved considerable
       risk and could not guarantee a fixed rate of return.

     * The materials omitted to disclose that Blissett was
       misappropriating investor funds and that Blissett was also using
       investor funds to make payments to other investors.

   The Information to which Blissett pled guilty states that from at
   least July 1989 to December 2002, ABFI raised more than $51.9 million
   from at least 2000 investors, and that investors lost approximately
   $27.3 million.