==========================================START OF PAGE 1======

             U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No.  14969 / July 2, 1996 

SECURITIES AND EXCHANGE COMMISSION v. JOY L. BOUWKAMP, ET AL.,
Civil Action 95-5975 JSL (SHx)

     The Securities and Exchange Commission announced that, on
June 19, 1996, the Honorable J. Spencer Letts, United States
District Judge for the Central District of California, issued a
Final Judgment Of Permanent Injunction And Civil Penalties
against defendants Douglas Laughlin and George Alama.  Both
defendants had consented, without admitting or denying the
allegations in the Complaint, to the entry of the final judgments
permanently enjoining them from violations of the securities
registration and broker-dealer registration provisions of the
federal securities laws.  Defendants Laughlin and Alama also
consented to pay a penalty of $7,500 each.

     The Commission's Complaint, filed on September 6, 1995, (See
LR-14631) named four other defendants besides Laughlin and Alama.

The Complaint alleged that defendants Joy L. Bouwkamp and Joe L.
Hallock, principals of B.H. Rothchild & Gray (Canada) Lt'ee (B.H.
Rothchild), formerly located in Tustin, California, raised
approximately $24 million from about 480 investors from the
United States and Canada, between 1990 and 1992, in connection
with the sale of investments in a purported seafood financing
program.  The financing program was to be administered by B.H.
Rothchild and was to involve its subsidiary Ocean Best Seafood &
Trading, Inc.  There was, however, no financing program and
investor funds were used to pay investors their purported
returns, to pay expenses for unrelated businesses and projects
and to pay personal expenses.  Defendants Bouwkamp and Hallock
and Thomas M. Grahovac, an officer B.H. Rothchild, variously made
material misrepresentations and omissions to investors
concerning, among the other things, the use of funds raised, the
financial condition of B.H. Rothchild and Ocean Best and the
safety of the investments.  

     Laughlin and Alama acted as unregistered broker-dealers in
offering and selling interests in the financing program. 
Laughlin operated independently and through an entity, Regency
Investment Trust ("Regency").  The Commission obtained a default
judgment against Regency on January 9, 1996.  Laughlin operated
out of Bellingham, Washington and Alama was based in Kailua-Kona,
Hawaii.

     The Complaint alleged that Laughlin and Alama violated
Sections 5(a) and 5(c) of the Securities Act of 1933 and Section
15(a)(1) of the Securities Exchange Act of 1934.