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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 14972 / July 8, 1996
Accounting and Auditing Enforcement Release No. 799 / 
July 8, 1996

Securities and Exchange Commission v. Anthony Sarivola, et al.
(U.S.D.C. - S.D.N.Y.)  95 Civ. 9270 (RPP)

     The Securities and Exchange Commission ("Commission")
announced the entry of final judgments by default against Milan
International, Ltd. ("Milan International"), Milan National
Corporation ("Milan National"), Leona Enterprises, Inc.
("Leona"), Standard Investment Holdings, Inc. ("Standard"), and
Eurobanc, Ltd. ("Eurobanc") (collectively, the "defendant
companies").  Under the final judgments, the defendant companies
are permanently enjoined from future violations of the antifraud
provisions of the federal securities laws and, variously,
violations of the registration, corporate reporting, and books
and records provisions of the federal securities laws.  Further,
civil penalties pursuant to the Securities Enforcement Remedies
and Penny Stock Reform Act of 1990 ("Remedies Act") were assessed
against the defendant companies in the following amounts: Milan
International, $200,000; Milan National, $200,000; Leona,
$200,000; Standard, $100,000; and Eurobanc, $150,000.

     The Commission's Complaint, filed October 31, 1995, alleged
the following with respect to Milan International, Milan
National, Leona, Standard, and Eurobanc:  These companies were
secretly under the control of defendant Anthony Sarivola
("Sarivola"), a recidivist securities law violator.  From at
least in or about October 1991, and continuing to at least July
1992, Sarivola masterminded a scheme to inflate artificially the
reported assets of the defendant companies, which enabled
Sarivola and other defendants in this case to profit from the
unlawful and fraudulent offer, purchase and/or sale of
securities.  Sarivola and certain other defendants falsely
claimed that the defendant companies controlled assets worth tens
of millions of dollars.  In reality, these companies were all
essentially shell corporations, with little or no operations,
assets or revenues.  In furtherance of the scheme, Sarivola and
other defendants issued false press releases, financial
statements and other information concerning the defendant
companies, and in the names of the defendant companies, to
generate demand for their stock.  Additionally, the defendant
companies made public filings with the Commission which failed to
disclose Sarivola's control of the companies and his prior
Commission injunction and criminal record.  By means of the
materially false statements and omissions concerning the 
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defendant companies, Sarivola and other defendants reaped
significant illegal profits.    

  As a result of the final judgments, the defendant companies are
permanently enjoined from future violations of the following
provisions of the federal securities laws: Milan International,
Sections 5 and 17(a) of the Securities Act of 1933 ("Securities
Act"), Sections 10(b) and 13(d) of the Securities Exchange Act of
1934 ("Exchange Act") and Rules 10b-5, 13d-1 and 12b-20 under the
Exchange Act; Milan National, Section 17(a) of the Securities
Act, Sections 10(b) and 13(d) of the Exchange Act and Rules 10b-
5, 13d-1 and 12b-20 under the Exchange Act; Leona, Sections 5 and
17(a) of the Securities Act, Sections 10(b), 13(b), 13(d) and
15(d) of the Exchange Act and Rules 10b-5, 13b2-1, 13d-1, 15d-1,
15d-11 and 12b-20 under the Exchange Act; Standard, Section 17(a)
of the Securities Act, Section 10(b) of the Exchange Act and Rule
10b-5 promulgated thereunder and; Eurobanc, Sections 5 and 17(a)
of the Securities Act, Sections 10(b) and 13(d) of the Exchange
Act and Rules 10b-5, 13d-1 and 12b-20 under the Exchange Act. 
The Commission's case against Sarivola remains pending.

Prior Reference:    Lit. Rel. No. 14704