SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.

     LITIGATION RELEASE NO. 15763 / June 2, 1998

     SECURITIES AND EXCHANGE COMMISSION v. QUALIFIED PENSIONS, INC., ET AL.,
     Civil Action No. 95-1746 (LFO)(D.D.C.)

     UNITED STATES v. JERRY G. ALLISON, Cr. 98-71-PHX-RGS (D. Az.)

          The Securities and Exchange Commission ("Commission") announced that
     the Honorable Roger G. Strand, United States District Judge for the
     District of Arizona, yesterday sentenced Jerry G. Allison ( Allison ), the
     former president and 90 percent owner of Qualified Pensions, Inc. ( QPI ),
     to a federal prison term of 57 months followed by 36 months of supervised
     release, and ordered him to pay restitution of $6,592,706.  Allison was
     sentenced pursuant to a criminal information charging him with one count of
     wire fraud.  Allison pled guilty on March 10, 1998.

          Allison s plea was in connection with the same misconduct as alleged
     by the Commission in its emergency civil action filed September 13, 1995. 
     In that action, the Commission alleged that Allison and QPI defrauded
     investors by misappropriating millions of dollars in retirement savings
     that were entrusted to QPI by its clients to be maintained in Individual
     Retirement Accounts and other retirement savings plans.  In addition to the
     conduct charged in the criminal case, the civil complaint also alleged that
     Allison and QPI executed securities transactions for their clients without
     registering as brokers.  The Commission s action against Allison has been
     fully resolved, with the Commission obtaining a permanent injunction, among
     other relief, against Allison.  Allison also consented to the entry of a
     Commission Order barring him from the securities industry.

          Allison s criminal prosecution was handled by the United States
     Attorney s Office for the Central District of California and the United
     States Attorney s Office for the District of Arizona.

          The Commission previously has made several announcements concerning
     this matter.  See Litigation Release Nos. 14636, 14642, 14680, 15403, and
     15662.













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