FOR IMMEDIATE RELEASE                                         CRM
FRIDAY, OCTOBER 24, 1997                           (202) 514-2008
                                               TDD (202) 514-1888

        OWNER OF DISCOUNT AIRLINE TICKET BUSINESS INDICTED


     ANCHORAGE, ALASKA -- A Fairbanks, Alaska woman, who owned a
discount airline ticket business, has been indicted by a federal
grand jury in Alaska on charges of maintaining an illegal Ponzi
or pyramid scheme, the Department to Justice announced today.    
     The indictment, unsealed last night, charges Raejean S.
Bonham, 47, with 53 counts of mail fraud, eight counts of money
laundering, and 18 counts of engaging in monetary transactions. 
 
     Bonham was taken into custody in Fairbanks and will be
transported to Anchorage for an initial appearance in U.S.
District Court. 
     
     Bonham owned and operated Atlantic Pacific Funding
Corporation and World Plus, Inc., businesses located in
Fairbanks, Alaska, that sold to the public discounted airline
tickets obtained from ticket brokers.  Bonham and her businesses
were forced into bankruptcy in December 1995. 
 
     The indictment alleges that from about 1989 through 1995,
Bonham, as part of a Ponzi or pyramid scheme, and based on false
and fraudulent representations, offered and sold to individual
investors interest-bearing contracts.  The indictment alleges
Bonham falsely represented that banks would not lend money to the
company because World Plus was in the frequent flyer ticket
business, creating the need to raise money from individual
investors.  According to the indictment, Bonham claims that the
money invested would be used to purchase large blocks of frequent
flyer miles from multi-national corporations, the investments
were "guaranteed", "bonded" and/or "insured", and there were only
a limited number of investors. 
 
     The indictment also alleges that Bonham failed to advise and
concealed from investors that Delta Airlines had obtained court
orders restraining her and World Plus from dealing in Delta
tickets; that the State of Alaska regulated the "contracts" she
was selling; that a portion of the investment would be used for
personal expenses and purchases; and that a significant portion
of the individual's investment would be used to repay other
investors, thereby maintaining the Ponzi or pyramid scheme. 
 
     The indictment further alleges that Bonham filed false and
fraudulent exemption requests with the State of Alaska to avoid
registration and regulation of the investor contracts and
concealed the nature and extent of her investment solicitations.

     Each count of mail fraud has a maximum penalty of five years
imprisonment and a fine of up to $250,000.  Each count of
engaging in monetary transactions has a maximum penalty of 10
years of imprisonment and a fine of up to $250,000.  Each count
of money laundering has a maximum penalty of 20 years of
imprisonment and a fine of up to $500,000.  If convicted Bonham
will be sentenced according to the federal sentencing guidelines.

     This case is being handled by Joseph A. Beck, an attorney
from the Criminal Division, Fraud Section, in Washington, D.C.,
assisted by Cindy Cooper of the Alaska Attorney General's Office and Retta
Rae Randall of the U.S. Attorney's office in Anchorage.  Cooper
and Randall have been appointed Special Attorneys for the
Department of Justice.  The investigation was conducted by the
Internal Revenue Service and the FBI.
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97-443