U.S. Securities & Exchange Commission

Litigation Release No. 18072 / April 4, 2003

Court Grants Summary Judgment against Defendant Carol Martino for Illegal
Brokerage Activities and Market Manipulation; Orders Martino to Disgorge
$4.416 Million, and Orders Her Husband to Turn Over a $2 Million Yacht
Purchased with Proceeds of Martino's Illegal Brokerage Activities

, 98 Civ. 3446 (S.D.N.Y.)

   By Order dated April 4, 2003, U.S. District Judge Milton Pollack
   granted summary judgment in favor of the Commission and against
   defendant Carol C. Martino and her former stock brokerage firm (CMA
   Noel, Ltd.), holding them liable for engaging in illegal brokerage
   activities during the period 1992 through 1995, and further holding
   Martino liable for engaging in a 1993 scheme to manipulate the stock
   price of RMS Titanic, Inc. (a company that attempted to salvage
   artifacts from the sunken ocean liner). The Court awarded the
   Commission disgorgement of Martino's illegal brokerage revenues
   ($4.416 million), plus prejudgement interest of $3,386,842.92, and
   other equitable relief. The Court further ordered Martino's husband,
   relief defendant Gerard Haryman, and his company, defendant JTM Ltd.,
   to turn over to a court-appointed receiver a $2 million luxury yacht
   that Martino had purchased with proceeds of her illegal brokerage
   activities. The Court granted summary judgment following a hearing on
   the matter held on March 17, 2003.

   The Commission sued Martino and CMA in May 1998 for repeated
   violations of a 1992 Commission order that barred Martino from acting
   as a stock broker, and for engaging in such activities without
   registering as a broker with the Commission (in violation of the
   federal securities laws). The Commission had barred Martino based upon
   her prior fraudulent activities as Executive Vice President of
   Wellshire Securities, Inc., a retail brokerage firm. In its April 2
   ruling, the Court found that, from 1992 through 1995, Martino
   "willfully violated the Bar Order" by illegally brokering millions of
   dollars in sales of stock by several U.S. companies to foreign
   purchasers. The Court further found that Martino thus accumulated
   illegal brokerage commissions and fees totaling at least $4.416
   million. The Court ordered Martino to disgorge that sum to the
   Commission, plus prejudgment interest on that amount (accrued from
   December 31, 1995 to the present).

   The Commission further charged Martino with engaging in a scheme
   (along with defendant Paul Montle) to manipulate the stock price of
   RMS Titanic, Inc., one of Martino's U.S. brokerage clients. The Court
   found that Martino and others employed several manipulative devices to