UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 14833 / March 5, 1996         

SECURITIES AND EXCHANGE COMMISSION v. HAROLD GLANTZ and PETER H.
BLOCK 94 Civ. 5737, (CSH)

The Securities and Exchange Commission ("Commission") announced
that, on February 23, 1996, Judge Charles S. Haight of the United
States District Court, Southern District of New York, entered an
Order of Preliminary Injunction by Consent against Harold Glantz
("Glantz").  The Preliminary Injunction stems from a Complaint
filed by the Commission against Glantz and Peter H. Block on
August 8, 1994, seeking, among other things, injunctive relief,
disgorgement and civil penalties in connection with a "Prime
Bank" investment scheme.  According to the Complaint, Glantz and
Block raised at least $2 million from investors by telling them
that their funds would be used to obtain a credit line to
purchase, sell and\or trade "prime bank" instruments such as
prime bank notes ("PBNs"), zero interest credit instruments
("ZICIs"), and zero interest letters of credit ("ZLOCs").  The
Commission's Complaint alleges that PBNs, ZICIs, and ZLOCs are
fictitious.
  
Judge Haight's Order preliminarily enjoined Glantz from further
violations of the antifraud provisions of the federal securities
laws and left the issues of disgorgement and civil penalties for
determination at a later date.  Glantz is currently awaiting
trial on criminal charges in the U.S. District Court for the
District of Massachusetts.
 
For further information, see Lit. Rel. No. 14186.