U.S. Securities and Exchange Commission

     Litigation Release No. 15657 / March 3, 1998

     Accounting and Auditing Enforcement  
     Release No. 1013  / March 3, 1998

     SECURITIES AND EXCHANGE COMMISSION v. ROBERT B. PELTZ, Civil Action No. 98-
     CV 00542(JGP) (D.D.C.); and SECURITIES AND EXCHANGE COMMISSION v.SOL
     GREENBAUM AND DAVID COHEN, Civil Action No. 98-CV 00543(JGP) (D.D.C.); IN
     THE MATTER OF J.M. LEVY AND CO., Administrative Proceeding File No. 3-9295

     The SEC today filed complaints in federal court against Robert B. Peltz,
     Sol Greenbaum, and David Cohen alleging securities law violations arising
     out of a fraudulent scheme to overstate the revenues and earnings of the
     Peltz Food Division of Chipwich, Inc.  Without admitting or denying the
     SEC s allegations, the defendants have consented to the entry of final
     judgments against them.

     The complaint in no. 98-CV00542 alleges the following:  In February 1989,
     Robert Peltz merged his privately-owned Peltz Food Company, a distributor
     of frozen foods, into Chipwich, a public company, and became CEO and
     chairman of Chipwich.  At year-end in 1989, 1990, and 1991, with Peltz s
     knowledge and approval, the Peltz Food Division (PFD) of Chipwich
     overstated its inventory, causing Chipwich to materially overstate its
     inventory and net income.  In addition, during the relevant period, Peltz
     misappropriated corporate funds to pay personal expenses and took
     unrecorded cash from PFD s daily cash receipts.  By engaging in such
     conduct, Peltz violated Exchange Act sections 10(b) and 13(b)(5) and Rules
     10b-5, 13b2-1 and 13b2-2.

     The complaint in no. 98-CV00543 names as defendants Sol Greenbaum and David
     Cohen, the CPAs who prepared PFD s financial statements and acted as its
     financial management.  The complaint alleges that Greenbaum and Cohen knew
     or were reckless in not knowing of the inventory inflation and
     misappropriation of cash at PFD, and that they knew or were reckless in not
     knowing that the financial statements they prepared for PFD were materially
     false and misleading and would be relied upon by Chipwich in preparing
     financial statements for dissemination in its Forms 10-K and 10-Q.

     All three defendants consented to the entry of judgment against them
     without admitting or denying the SEC s allegations.  The judgment against
     Peltz permanently bars him from serving as an officer or director of any
     reporting company and enjoins him from further violations of Exchange Act
     sections 10(b) and 13(b)(5) and Rules 10b-5, 13b2-1 and 13b2-2; it waives
     payment of disgorgement based on Peltz s demonstrated inability to pay and
     penalties are not imposed.  The judgment against Greenbaum and Cohen
     enjoins them from further violations of Exchange Act Sections 10(b), 13(a),
     13(b)(2) and Rules 10b-5, 12b-20, 13a-1, 13a-13 and 13b2-1.

     In conjunction with the filing of no. 98-CV00543, the Commission has
     dismissed Administrative Proceeding No. 3-9295.

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