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SECURITIES AND EXCHANGE COMMISSION

LITIGATION RELEASE NO. 14680 / October 5, 1995

SECURITIES AND EXCHANGE COMMISSION v. QUALIFIED PENSIONS, INC.,
et al., Civil Action No. 95-1746(SSH)(D.D.C.)

The Securities and Exchange Commission announced that on October
2, 1995, the United States District Court for the District of
Columbia entered a Preliminary Injunction against defendants
Qualified Pensions, Inc. ("QPI") and Jerry G. Allison
("Allison"), preliminarily restraining and enjoining them from
violating the antifraud and broker-dealer registration provisions
of the federal securities laws.  The Court also continued a
freeze of the defendants' assets and certain assets of the relief
defendants named in the Commission's complaint: Scott T.
Woodward, S.T. Woodward Design and Construction, Inc., and The
Lynx Land and Mining Company.

In addition, on September 26, 1995, the Commission moved for the
appointment of a Receiver of QPI in order to, among other things,
preserve the assets and records of QPI, report to the Court on
the merits of either continuing the business of or liquidating
QPI, and report to the Court on the merits of requests made by
certain QPI customers for relief from the asset freeze imposed on
QPI.  On the same day, the Court granted the Commission's motion
and appointed Robb Evans, of Los Angeles, California, as
Receiver.

As previously announced, the Commission filed a Complaint and an
Application for a Temporary Restraining Order against QPI,
Allison and the relief defendants on September 13, 1995,
alleging, among other things, that QPI and Allison
misappropriated at least $4.5 million in retirement savings that
were entrusted to QPI by its customers to be maintained in
Individual Retirement Accounts.  On September 13, 1995, the Court
granted the Commission's application and entered a temporary
restraining order pending the determination of the Commission's
application for a preliminary injunction.  The temporary
restraining order entered by the Court, among other things, froze
all funds or other assets held by or under the control of Allison
and QPI, and prohibited Allison and QPI from receiving or
depositing any additional investor funds.  On September 14, 1995,
the Court issued another order extending the relief previously
granted as to Allison and QPI, and freezing all funds or assets
received by the relief defendants from Allison or QPI.   (For
further information, see Litigation Release Nos. 14636 and 14642)