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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 14908 / May 13, 1996 

SECURITIES AND EXCHANGE COMMISSION v. RANDALL E. BRADBURY, THE
BRADBURY FINANCIAL GROUP, INC., and TBFG INTERNATIONAL, LTD., 96
CIV. 758 (RSP) (N.D.N.Y.)

     The Securities and Exchange Commission announced the filing
of a Complaint on May 13, 1996 in the United States District
Court for the Northern District of New York, alleging a series of
frauds which netted approximately $414,000 in ill-gotten gains
for an investment adviser and companies he controlled.  Named as
defendants were:

     ù    Randall E. Bradbury ("Bradbury"), age 37, an investment
          adviser and former resident of Syracuse, New York, who
          fled the United States in 1994;

     ù    The Bradbury Financial Group Inc. ("BFG"), a New York
          corporation and registered investment adviser owned by
          Bradbury, which was located in Whitesboro, New York;
          and 

     ù    TBFG International, Ltd. ("TBFG"), a Wyoming
          corporation controlled by Bradbury, which was located
          in Whitesboro, New York, and purportedly sought to
          engage in trade with, financing for, and consulting to
          developing businesses in Russia and other newly
          independent states of the former Soviet Union.

The Commission's Complaint alleges as follows: 

     From at least February 1992 through approximately February
1994, Bradbury and his companies defrauded 80 investors by making
materially false and misleading statements concerning the issuers
of securities that Bradbury recommended and/or sold.  Bradbury
also failed to disclose material conflicts of interest with
respect to certain investments, recommended unsuitable
investments, and acted as an unregistered broker-dealer.  Many of
Bradbury's victims were retirees and other persons of limited
means, and many of them met Bradbury through an evangelical
church group.  The investments are now worthless.

     Bradbury sold and recommended stock in Carib Med, Inc.
("Carib Med"), a now defunct developmental pharmaceutical company
also known as H. E. Stanley Pharmaceuticals, Inc., to advisory
clients and other investors.  Among other things, Bradbury made
false and misleading statements concerning the anticipated
appreciation of the stock price and omitted material information
concerning Carib Med's poor financial condition.  Bradbury failed
to disclose to investors that he was selling them his own shares
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of Carib Med stock and failed to disclose his receipt of
commissions from the sale of securities of two other now defunct
start-up companies, Advanced Financial Group, Inc. ("AFG") and
International Consumers Bureau, as well as the fact that AFG was
Bradbury's brother's company.  

     In addition, Bradbury and TBFG fraudulently induced
investors to purchase TBFG stock, bonds, and notes by making
false and misleading statements concerning TBFG's purported plans
to make a public offering, TBFG's financial condition, and the
status of TBFG's purported projects -- which supposedly included,
among other things, gold mining, development and upgrading of
telecommunications systems, and the export 

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of caviar.  Bradbury and TBFG also defrauded investors by
disseminating financial projections which predicted millions of
dollars in profits without any reasonable basis, and by failing
to disclose the numerous hurdles that would have to be overcome
before any of TBFG's purported projects could result in actual
revenues for TBFG.  TBFG never completed arrangements for
financing any of its supposed major projects, and never earned
more than several hundred dollars in revenue, all from
importation and sale of Russian craft items.

     The Complaint charges all three defendants with violating
Section 17(a) of the Securities Act of 1933 ("Securities Act"),
and Section 10(b) of the Securities Exchange Act of 1934
("Exchange Act") and Rule 10b-5 thereunder, and charges Bradbury
and BFG with also violating Sections 15(a) and (c) of the
Exchange Act and Rules 10b-3, 10b-10 and 15c1-2 thereunder, and
Sections 206(1), (2), and (3) of the Investment Advisers Act of
1940, and seeks permanent injunctive relief, disgorgement, and
civil penalties.