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                SECURITIES AND EXCHANGE COMMISSION

LITIGATION RELEASE NO.  14925 / May 31, 1996

UNITED STATES OF AMERICA v. WILLIAM JONES CAMPBELL
4:96-CR-033-Y, USDC, ND/TX [Fort Worth Div]

     The Securities and Exchange Commission ("Commission") and
the United States Attorney for the Northern District of Texas
announced that on May 28, 1996, William J. Campbell ("Campbell")
was sentenced to 70 months imprisonment and three years on
supervised release. Campbell, who on April 1, 1996, pled guilty
to two counts of mail fraud, will begin serving his prison term
on June 28, 1996.

     The criminal charges against Campbell relate to the same
activities alleged in the Commission's complaint for civil
injunctive action filed on March 7, 1994. In that complaint, the
Commission alleged that from at least January 1990 until December
1992, Campbell, and others, raised $26.9 million from over 1,300
investors through the offer and sale of investment contracts in
an affinity-based "Ponzi" scheme in which investors lost at least
$12.5 million.  The Commission also alleged that Campbell falsely
represented that investor monies would be invested in purported
construction contracts and that their principal would be
guaranteed.  The complaint further alleged that investor monies
were used to repay prior investors, to pay commissions, and for
the personal enrichment of Campbell and others, including the
financing of other businesses, payment of prior debts, unrelated
personal investments and personal expenses.

     The Commission acknowledges the assistance of the United
States Postal Inspection Service in this matter.  

     For further information, see Litigation Releases Nos. 14002,
14116, 14207, 14434.