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UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Litigation Release No. 14728 / November 24, 1995

SECURITIES AND EXCHANGE COMMISSION v. CROSS FINANCIAL SERVICES,
INC., OWEN R. FOX, CARROLL E. SIEMENS, BRUCE FRANKLIN, MICHAEL J.
COLELLO AND DOUGLAS S. CROSS, Civil Action No. 94-4228 RAP(Ex)
(C.D. Cal. June 23, 1994).

     The Securities and Exchange Commission announced that on 
     November 20, 1995, it filed a motion for civil contempt
     against Defendant Michael J. Colello ("Colello") in the U.S.
     District Court for the Central District of California based
     upon Colello's failure to pay Court-ordered disgorgement and
     prejudgment interest awarded as a result of the Commission's
     civil enforcement action.  In addition, the Commission moved
     for an order directing Colello to repatriate all foreign
     assets to satisfy the disgorgement and prejudgment interest.

     On September 7, 1995, the Court entered a Judgment Against
     Defendants Owen R. Fox, Carroll E. Siemens, Bruce Franklin,
     Michael J. Colello and Douglas S. Cross ("Judgment")
     following granting the Commission's summary judgment
     motions.  The Judgment orders Colello to pay $2,620,598.00
     in disgorgement, plus prejudgment interest of $276,954.63
     thereon.