SECURITIES AND EXCHANGE COMMISSION


  Litigation Release No.  15819  /  July 23, 1998

  Securities and Exchange Commission v. Stewart, et al., Civil
  Action No. 98 CIV 2636 (S.D.N.Y.)

  The Securities and Exchange Commission announced today that 
  on July 14,  1998 the Honorable Loretta A. Preska of the United 
  States  District Court for the Southern District of New York has
  entered a final judgment of disgorgement against relief
  defendant Cornel D. Plebani in SEC v. Stewart, et al., Civil
  Action No. 98 CIV 2636 (LAP)(S.D.N.Y.).  Plebani consented
  to the entry of an order requiring him to pay $10,597,
  representing the proceeds that he received from securities
  law violations committed by others as alleged in the
  complaint in this action plus prejudgment interest thereon.

  On April 14, 1998, the Commission filed a complaint alleging
  that five individuals and their five related entities
  fraudulently obtained more than $1.7 million from at least
  three investors, by offering and selling securities in the
  form of participations in investment programs purportedly to
  trade "prime bank" instruments.  The complaint alleged that
  the investment programs were scams, the instruments
  themselves bogus.  Instead of using the money as promised,
  the defendants misappropriated the investors' funds for
  their own benefit, transferring portions of the money to
  Plebani and three entities also named as relief defendants.

  Litigation continues as to the remaining nine defendants and
  three relief defendants.