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           UNITED STATES SECURITIES EXCHANGE COMMISSION

Litigation Release No. 14817 / February 15, 1996       

SECURITIES AND EXCHANGE COMMISSION v. DONALD MALCOLM JOHNSON,
individually and doing business as "TSA OPTIONS," "FREEDOM
SERVICES OF WISCONSIN," "FREEDOM SERVICES" and "FREEDOM SERVICES
OF WISCONSIN, INC.", No. 96-C-0049 C (W.D. Wis.)(filed January
18, 1996)

     The Securities and Exchange Commission announced that on
February 7, 1996, the Honorable Barbara B. Crabb of the Western
District of Wisconsin, entered an Order of Preliminary Injunction
and Other Equitable Relief against Defendant Donald M. Johnson
("Johnson") on February 7, 1996.  In addition to granting
injunctive relief, the Order continued the freeze of Johnson's
assets entered pursuant to a temporary restraining order on
January 19, 1996.

     The Commission's complaint alleges that the defendant
violated Section 17(a) of the Securities Act of 1933, Section
10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
promulgated thereunder.  The complaint alleges further that from
at least April 1995 to the present, Johnson, while doing business
as TSA Options and Freedom Services of Wisconsin, misappropriated
at least $818,000 from the retirement plans of approximately 67
investors.  Johnson, who was the administrator for the retirement
plans, misappropriated funds by redeeming mutual fund shares
belonging to the investors and funneling the proceeds into bank,
money market and mutual fund accounts under his control.  In
order to conceal his theft, Johnson sent bogus quarterly account
statements to investors which included false account balance
information.  Johnson disappeared with the misappropriated funds
in November 1995.  In addition, in connection with the purchase
and sale of securities, Johnson made material misrepresentations
to investors and omitted material facts concerning the existence
of a custodial relationship between himself and Coulee State Bank
of LaCrosse, Wisconsin, the use of investor funds and the
disposition of assets under his administration.