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        UNITED STATES SECURITIES AND EXCHANGE COMMISSION 
                         Washington, D.C.


LITIGATION RELEASE NO. 14813 / February 9, 1996

SECURITIES AND EXCHANGE COMMISSION v. MICHAEL W. CRAWFORD, ET
AL., Civil Action No. CV 95-1435 (TPJ) (D.D.C. 1995)


     The Securities and Exchange Commission announced that, on
January 31, 1996, the Honorable Thomas Penfield Jackson, United
States District Judge for the District of Columbia, entered Final
Judgments of Permanent Injunction and Other Relief by Consent
against Michael P. Melnick and Greenbriar Financial Services
Corp.  The Final Judgments enjoin Melnick and Greenbriar from
violations of Section 10(b) of the Securities Exchange Act of
1934 and Rule 10b-5 thereunder.   Melnick and Greenbriar
consented to the Final Judgements without admitting or denying
the allegations of the Commission's Complaint, which was filed on
August 1, 1995.  The Final Judgments also order disgorgement of
funds obtained as a result of conduct alleged in the Complaint
and prejudgment interest, but waive the payment of disgorgement
and prejudgment interest based in Melnick's and Greenbriar's
demonstrated inability to pay.  Based on Melnick's and
Greenbriar's demonstrated inability to pay, the Final Judgments
do not impose civil penalties.

     The Commission also announced that on January 4, 1996, Judge
Jackson entered a default judgment against Michael W. Crawford
and Libra Investments, Ltd.   The default judgment permanently
enjoins Crawford and Libra from violations of Section 10(b) of
the Exchange Act, and Rule 10b-5 thereunder, and Sections 203(a),
206(1) and (2) of the Investment Advisers Act of 1940, and orders
Crawford and Libra, jointly and severally, to pay disgorgement in
the amount of $80,000, plus $13,959.10 in prejudgment interest. 
Crawford and Libra are also ordered to pay civil penalties of
$100,000 and $500,000, respectively, pursuant to Section 21(d)(3)
of the Exchange Act.

     The Commission's Complaint alleged that the violations arose
out of the sale of "prime bank guarantees" issued by Banka
Bohemia, A.S., a now defunct Czech Republic financial
institution, to the National Council of the Churches of Christ in
the U.S.A ("NCCC"), a not-for-profit charitable organization, in
December 1993.  The NCCC paid $7.98 million to purchase $13.2
million face value of the guarantees, which were worthless. 
According to the Complaint, the defendants made fraudulent
misrepresentations and omissions of material fact in inducing the
NCCC to buy the worthless "prime bank" securities.  The Complaint
further alleged that Crawford and Libra acted as investment
advisers without having registered as such with the Commission,
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and that they undertook fraudulently to induce other parties in
addition to the NCCC to use their purported investment management
and advisory services.