U.S. SECURITIES & EXCHANGE COMMISSION

Litigation Release No. 18094 / April 18, 2003

   SEC FILES CHARGES AGAINST PHILIP R. GRATZ FOR VIOLATING AN
   ADMINISTRATIVE BAR AND FOR ACTING AS AN UNREGISTERED BROKER DEALER

   , Case No. 03-20889-CIV-SEITZ/BANDSTRA (S.D. Fla., April 15, 2003).

   The Securities and Exchange Commission ("SEC") announced that on April
   15, 2003, it filed a complaint with the United States District Court
   for the Southern District of Florida against Philip R. Gratz
   ("Gratz"), a New Jersey resident and former stock broker, charging
   with him violating an SEC administrative bar previously imposed
   against him by consent and for violating the broker-dealer
   registration provisions of the federal securities laws. According to
   the SEC's complaint, from at least November 1998 until March 20, 2003,
   Gratz, doing business as Phoenix World Wide Enterprises, Inc. raised
   more than $8.9 million from investors by, among other things, falsely
   promising that he would invest their funds in the stock market. The
   SEC's complaint alleges that, contrary to Gratz's promises, $3.02
   million in investor funds were misappropriated for his personal use.

   The complaint also alleges that in connection with his fraudulent
   misconduct, Gratz received transaction related compensation for
   providing investment advice and for inducing the purchase or sales of
   securities while not registered with the SEC as a broker or dealer.
   Accordingly, the SEC's complaint provides that Gratz violated a 1992
   SEC Order prohibiting him from association with any broker, dealer or
   investment adviser as well as the broker-dealer registration
   provisions.

   The SEC's complaint seeks to restrain and permanently enjoin Gratz
   from violating Sections 15(a)(1) and 15(b)(6)(B) of the Securities
   Exchange Act of 1934, Section 203(f) of the Investment Advisers Act of
   1940, and the 1992 SEC Order. The complaint also requests, among other
   things, that Gratz be ordered to pay civil penalties for his
   violations of the federal securities laws.

   On March 20, 2003, as a result of the alleged fraudulent conduct
   described above, the SEC filed an emergency civil contempt action
   against Gratz for disobeying a prior final judgment of permanent
   injunction entered against him in SEC v. Delta Rental Systems, et.
   al., Case No. 91-2136-CIV-MARRA (S.D. Fla.). See , March 25, 2003.


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