UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No.  15760 / May 28, 1998                       

     SECURITIES AND EXCHANGE COMMISSION V. WALTER CLARENCE BUSBY,
     Civil Action No. 1: 97-CV-2653 (N.D. Ga.)

          The Securities and Exchange Commission announced that on May 1, 1998,
     the Honorable Thomas W. Thrash, United States District Judge for the
     Northern District of Georgia, entered an order of permanent injunction and
     other relief against Walter Clarence Busby ("Busby").  The order
     permanently enjoins Busby from future violations of Section 17(a) of the
     Securities Act of 1993 and Section 10(b) of the Securities Exchange Act of
     1934 and Rule 10b-5 thereunder.  Busby was ordered to pay disgorgement in
     the amount of $15,000 representing the gains he received from sales of
     interests in three prime bank schemes, along with prejudgment interest
     thereon. Payment of the disgorgement and prejudgment interest was waived
     based upon Busby s sworn financial statement which indicate an inability to
     pay the ordered amounts.
       
          Busby consented to the relief without admitting or denying the
     allegations set forth in a complaint, filed by the Commission on September
     11, 1997.  In its complaint, the Commission alleged that Busby violated the
     antifraud provisions of the securities laws by offering and selling
     investment contracts in connection with three different prime bank schemes. 
     Using misrepresentations and omissions in each of the three schemes, Busby
     raised money for purported trading programs in "prime bank" notes by
     fraudulently representing to investors that the investments were risk-free
     and that the ventures would pay returns ranging from 750% to 10,000%.  In
     total, Busby raised nearly $1 million from more than 70 investors.  None of
     the investors earned the exorbitant returns promised by Busby.





















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