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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Litigation Release No. 14824 / February 26, 1996 

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 
     February 16, 1996, it filed a motion for civil contempt
     against Defendant Carroll E. Siemens ("Siemens") in the U.S.
     District Court for the Central District of California based
     upon Siemens' failure to pay Court-ordered disgorgement of
     $3,973,479.09 and prejudgment interest thereon of
     $452,150.89 awarded by the Court in granting summary
     judgment to the Commission in its civil enforcement action
     and as corrected by the Court on February 12, 1996.  For
     further information see LR-14135 and LR-14649.