U.S. Securities and Exchange Commission

Litigation Release No. 18100 /April 23, 2003

   SEC v. John C. Bohan et al., CV 03-2834 R (RNBx) (C.D. Cal.)

   SEC AND U.S. ATTORNEY'S OFFICE BRING CIVIL AND CRIMINAL FINANCIAL
   FRAUD ACTIONS AGAINST FORMER OFFICERS OF INTERNET ADVERTISING COMPANY

   SEC files settled civil case against four former officers of company
   that overstated revenues to meet analyst expectations and orders the
   company to cease and desist; three former officers to plead guilty to
   criminal charges

   The United States Securities and Exchange Commission, the United
   States Attorney's Office for the Central District of California and
   the Federal Bureau of Investigation today announced the filing of
   civil and criminal charges against former senior officers of L90, Inc.
   (currently known as MaxWorldwide, Inc. and headquartered in New York,
   NY), an Internet advertising firm that was located in Marina Del Rey,
   California. The civil and criminal actions allege that the officers
   engaged in fraudulent conduct that resulted in the overstatement of
   L90's revenues to the public in 2000 and 2001. Each of the defendants
   settled the Commission's action without admitting or denying the
   allegations in the complaint.

   The Commission's civil complaint, filed today in United States
   District Court in Los Angeles, alleges that John C. Bohan, L90's
   former CEO, president, and member of L90's board of directors;
   Lucrezia Bickerton, L90's former vice president of finance; Mark D.
   Roah, L90's former senior vice president of business development and
   member of L90's board of directors; and Chantel J. Loo, L90's former
   controller and director of finance, engaged in a scheme to generate
   false revenues through fraudulent barter transactions with other
   Internet companies in order to meet stock analysts' revenue estimates.
   To generate revenue from these barter transactions, L90 swapped checks
   with the other companies or "round-tripped" cash through more than one
   third party. The essence of the round-trip transactions was a circular
   flow of money by which L90 improperly recognized revenue.

   The Justice Department's criminal action, also filed this morning in
   federal court in Los Angeles, charges Bohan with criminal securities
   fraud. Bickerton and Roah are charged with being part of a conspiracy
   to commit securities fraud in connection with L90's fraudulent scheme.
   Roah also is charged in a separate conspiracy to fraudulently inflate
   the revenues of Homestore.com, Inc. As a participant in that
   conspiracy, Roah is charged with orchestrating "round-trip"
   transactions involving Homestore, L90 and other companies, which