UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No. 15652 / February 24, 1998

     Securities and Exchange Commission v. Hurst Capital Corporation, et al.,
     Case No. 98-8090-CIV-HURLEY (USDC/SD FL)

          The Securities and Exchange Commission ("SEC") announced that on
     February 18, 1998, the Honorable Daniel T.K. Hurley, United States District
     Judge for the Southern District of Florida entered multiple emergency
     Orders to halt an on-going offering of unregistered securities by Hurst
     Capital Corp. ("HCC"), a West Palm Beach company that sells interests in
     accounts receivable.  In its Complaint and application to the Court for a
     temporary restraining order, asset freeze and appointment of a receiver,
     all of which the Court granted, the SEC alleged that HCC had raised $49
     million from 1300 investors across the nation to buy accounts receivable
     but that it had only purchased approximately $625,000 worth of receivables.

          Named as defendants in the SEC's Complaint in addition to HCC were:

          *    James F. Hurst, HCC's president, is 40-years old and resides in
               West Palm Beach, Florida.

          *    E. William Clifton, HCC's vice-president, is 66-years old and
               resides in Orlando, Florida.

          The Complaint also names the following entities as relief defendants:

          *    Hurst Capital Commercial Corp., a Florida corporation located in
               West Palm Beach, Florida, of which Defendant Hurst is the
               president and chief executive officer, was named as a relief
               defendant because it received, according to the SEC, $6.5 million
               in investor funds.

          *    Hurst Clifton Corp., a Florida corporation allegedly controlled
               by Clifton, was named as a relief defendant because it received
               approximately $6.7 million in investor funds from HCC.

          *    Liquid Assets, Inc., a Florida corporation allegedly controlled
               by Hurst and Clifton, was named as a relief defendant because it
               received $195,000 in investor funds from HCC.

          *    Corporate Leasing Systems, Inc., a Florida corporation allegedly
               controlled by Hurst, was also named as a relief defendant
               because, the SEC alleges, Hurst titled a luxury boat he purchased
               with $300,000 in investor funds in Corporate Leasing's name.


                                        - 2 -

          According to the SEC's complaint, HCC, Hurst and Clifton have been
     offering investors across the nation worthless interests in non-existent

                              ======END OF PAGE 1======







     accounts receivable.  HCC's own records establish, the SEC alleges, that is
     has raised $49 million from investors but purchased only $625,000 worth of
     receivables.  According to the SEC's complaint, millions of dollars have
     been misappropriated by Defendants or transferred to corporations they
     control.  For example, the SEC alleges that Defendant Hurst diverted at
     least $10 million in investor funds to his personal account and spent this
     money on a luxury home, on personal investments, and on cars and boats.

          The Complaint charges violations of Sections 5(a), 5(c) and 17(a) of
     the Securities Act of 1933 and Section 10(b) and Rule 10b-5 thereunder of
     the Securities Exchange Act of 1934.  Among the Orders entered by the Court
     were (1) a Temporary Restraining Order to halt the securities sales, (2) an
     Order freezing the defendants' assets and (3) an Order appointing a
     Receiver to immediately secure the offices and assets of the corporate
     defendants.  The SEC is also seeking in this lawsuit preliminary and
     permanent injunctions, disgorgement of ill-gotten profits and money
     penalties.




































                              ======END OF PAGE 2======