UNITED STATES SECURITIES AND EXCHANGE COMMISSION

          LITIGATION RELEASE NO.  15969 / NOVEMBER 6, 1998

          SECURITIES  AND  EXCHANGE COMMISSION v. First Americans Bank Ltd.
          et al., Civil Action No. Civ. 98-0645 R (USDC WD Okla.)

               The Commission  announced that on November 3, 1998, the U.S.
          Attorney's Office in Oklahoma  City, Oklahoma obtained a 30-count
          indictment alleging that Ronald G. Sparks and Owen K. Stephenson,
          two California residents, raised  in  excess  of  $  7 million by
          fraudulently claiming to operate an unregulated, sovereign Indian
          Bank  on  Apache tribal land in Oklahoma.  Sparks and Stephenson,
          whose fraudulent scheme was halted earlier this year by a federal
          court acting  upon a motion filed by the Commission, were charged
          by  the  grand jury  with  conspiracy,   mail  fraud,  and  money
          laundering.

               In  May   1998,   the   Commission   obtained  an  emergency
          restraining order halting the sale of securities  of  the  Native
          American Free Trade Association (NAFTA), an Oklahoma entity,  its
          officers,  Stephenson  and  Sparks,  and others, based upon their
          dissemination, through press releases and on an Internet site, of
          false  statements.  Among other representations,  the  defendants
          claimed  that  NAFTA  was  operating  an FDIC-insured bank called
          First  Americans  Bank  Ltd.  (FAB)  on  Apache  tribal  land  in
          Anadarko, Oklahoma.  The Commission's complaint  alleged that the
          Apache tribe never authorized NAFTA to operate a bank  as claimed
          and  that  Sparks  and  Stephenson  had  failed  to  disclose  to
          prospective investors past enforcement actions taken against them
          by  federal  criminal  authorities  and  banking  and  securities
          regulators.  The Commission also obtained an order freezing funds
          of  Sparks,  Stephenson,  NAFTA,  FAB  and their affiliates.   In
          excess of $ 2 million in investor and depositor have been frozen.

               The indictment returned on November 3, 1998 in Oklahoma City
          charges Sparks and Stephenson with obtaining  in  excess  of  $ 7
          million  from  customers  in the form of purported investments or
          deposits in the nonexistent  bank.   The  indictment alleges that
          Sparks and Stephenson diverted this money to their own use.



               The Commission's case, which involves  alleged violations of
          the antifraud provisions, Section 17(a) of the  Securities Act of
          1933 and Section 10(b) of the Securities and Exchange Act of 1934
          and  Rule  10b-5  thereunder  by Sparks, Stephenson,  NAFTA,  and
          affiliated entities, has been stayed  by a federal district court
          in  Oklahoma City, Oklahoma pending resolution  of  the  criminal
          action against Sparks and Stephenson.  During the stay, the asset
          freeze  obtained by the Commission will remain in effect by order
          of the Court.   For additional information see Litigation Release
          No. 15734 (May 7, 1998).