U.S. Securities and Exchange Commission

Litigation Release No. 18098 / April 23, 2003

   Civil Action No. C-2-00 622, (S.D. Ohio 2000).

   The Securities and Exchange Commission announced today that, on April
   11, the United States District Court for the Middle District of
   Florida-Tampa Division sentenced Jamie P. Piromalli (Piromalli) of
   Maitland, Florida, to three and one-half years in prison for his role
   in the World Vision Entertainment, Inc. (World Vision) promissory note
   Ponzi scheme. The Court also ordered Piromalli to pay over $24 million
   in restitution.

   Previously, on July 30, 2002, Piromalli pled guilty to one count of
   conspiracy to commit securities fraud.

   Piromalli and four additional World Vision principals (Defendants)
   were the subjects of a civil injunctive action, SEC v. Piromalli, et
   al., filed by the SEC on June 1, 2000 in the United States District
   Court for the Southern District of Ohio. The SEC's Complaint alleged
   that the Defendants offered and sold securities in the form of
   nine-month promissory notes through a nationwide sales network and
   made numerous false and misleading statements to investors about the
   World Vision notes. Specifically, the Defendants misrepresented that
   the notes were unconditionally guaranteed and insured and that all of
   the proceeds of the offering would be used to develop World Vision's
   products. Instead, the Defendants allegedly used the proceeds of the
   note offering to pay for the personal and business expenses of company
   officers and directors, to cover interest and principal payments to
   investors and to pay large, undisclosed commissions to the sales
   network. Through World Vision, the Defendants, and others acting in
   concert with them, raised at least $64 million from approximately
   1,200 investors in 33 states from the sale of World Vision promissory
   notes. As a result, when World Vision filed for bankruptcy protection
   in September 1999, investors lost approximately $52 million.

   The SEC obtained an order of permanent injunction against Piromalli on
   August 27, 2001. In addition, on January 22, 2002, Piromalli was
   ordered to pay $5,218,531.61 in disgorgement and prejudgment interest
   and an $110,000 civil penalty. The SEC is currently seeking to enforce
   its judgments against Piromalli.

   For additional information, see (June 1, 2000), (October 15, 2001),
   (March 14, 2002), (March 22, 2002), and (October 7, 2002).


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