UNITED STATES SECURITIES AND EXCHANGE COMMISSION


     Litigation Release No.  15740 / May 14, 1998

     SECURITIES AND EXCHANGE COMMISSION V. NICHI CAPITAL, LTD., OLAWANDE A.
     AGUNLOYE, WISE CHOICE DISCOUNT BROKERAGE, INC., RALPH ANTEBY, AND BRIAN
     WALFISH, AND STRATEGIC RISK MANAGEMENT AS RELIEF DEFENDANT, 98 Civ. 2218
     (CSH) (S.D.N.Y)

          The Securities and Exchange Commission ("Commission") announced today
     that, on May 12, 1998, the Honorable Charles S. Haight, Jr., Senior Judge
     of the United States District Court for the Southern District of New York
     issued an order that, among other things: (1) preliminarily enjoins Nichi
     Capital, Ltd. ("Nichi"), Wise Choice Discount Brokerage, Inc. ("Wise
     Choice"), and Nichi's President, Oluwande A. Agunloye ("Agunloye"), and two
     registered representatives of Wise Choice, Ralph Anteby and Brian Walfish
     (collectively the "Defendants") from violating the antifraud provisions and
     registration provisions of the federal securities laws; (2) continues the
     previously ordered freeze of the assets of Agunloye, Wise Choice and Nichi;
     and (3) requires each of the Defendants to provide an accounting.  

          In its Complaint, filed March 27, 1998, the Commission alleges that
     since October 1997, the defendants have induced over $200,000 in
     investments in Nichi securities by misrepresenting to investors that an IPO
     of Nichi stock was about to take place, that their shares would rise
     greatly in value after the company went public, and that their money would
     be placed in an escrow account until the IPO took place.  The Commission
     alleges that those statements were false and misleading because, while
     Nichi had filed a registration statement for an initial public offering of
     its stock, the IPO was not expected to take place in the near future; no
     escrow account for the IPO funds was ever established; and the investors'
     money was used by Agunloye, at least in part, in connection with his
     acquisition of an equity interest in relief defendant Strategic Risk
     Management, Inc.

          The Commission seeks a final judgment permanently enjoining the
     defendants from further violations of Sections 5(a) and 17(a) of the
     Securities Act of 1933, and Section 10(b) of the Securities Exchange Act of
     1934, and Rules 10b-5 and 10b-9 promulgated thereunder; and ordering them
     to disgorge their ill-gotten gains plus prejudgment interest, and to pay
     civil penalties.  The Commission also seeks an order requiring Strategic to
     account for and disgorge an amount equal to the funds it improperly
     obtained from the defendants.  (See also Lit Rel. # 15688, dated March 27,
     1998).







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