UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 18096 / April 21, 2003

   Securities and Exchange Commission v. David A. Zwick, Todd J. Cohen,
   and Terrence J. O'Donnell, 03 Civ. 2742 (JGK) (S.D.N.Y.)

     SEC CHARGES FORMER SUNCOAST PRINCIPALS AND TRADER WITH SECURITIES
                 FRAUD FOR PARTICIPATION IN KICKBACK SCHEME

     David A. Zwick, Todd J. Cohen, and Terrence J. O'Donnell Charged

   The Securities and Exchange Commission today filed a civil enforcement
   action charging David A. Zwick and Todd J. Cohen, two former
   principals of Suncoast Capital Group, Ltd., and Terrence J. O'Donnell,
   a former Suncoast trader, with participation in a fraudulent kickback
   scheme. Suncoast was a registered broker-dealer based in Fort
   Lauderdale, Florida.

   The Commission alleges that Suncoast, through Deborah J. Breckenridge,
   a former Suncoast salesperson, received order flow and trades at
   favorable prices from Anthony Dong-Yin Shen, an employee of New York
   Life Insurance Company, Inc., in exchange for cash kickbacks and
   gifts. Shen was responsible for trading in New York Life's proprietary
   accounts.

   The Commission's Complaint alleges that over a fifteen-month period in
   1998 and 1999, Shen directed approximately forty trades totaling
   millions of dollars of securities to Suncoast at prices that were
   "off-market" or more favorable to Suncoast and detrimental to New York
   Life than were otherwise available in the market. In exchange for the
   trades, Shen was paid at least $50,800 in cash, and at least $6,400 in
   non-cash gifts. Suncoast realized gross profits in excess of
   $1,500,000 from the trades.

   The Complaint further alleges that
     * Former Suncoast principal and compliance officer David A. Zwick
       procured, approved, and / or encouraged Breckenridge to give gifts
       and cash kickbacks to Shen - including kickbacks disguised as
       payments on losing bets -- and knowingly or recklessly approved
       fraudulent prices on Suncoast trades with New York Life.
     * Former Suncoast principal and trading desk supervisor Todd J.
       Cohen encouraged Breckenridge to pay cash kickbacks to Shen
       disguised as payments on losing bets, and knowingly or recklessly
       approved fraudulent prices on Suncoast trades with New York Life.
     * Former Suncoast trader Terrence J. O'Donnell encouraged
       Breckenridge to pay cash kickbacks to Shen disguised as payments
       on losing bets, and knowingly or recklessly executed most of the