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                SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.

Litigation Release No. 15008 / August 8, 1996

SECURITIES AND EXCHANGE COMMISSION v. EDDIE ANTAR, SAM E. ANTAR, 
MITCHELL ANTAR, ISAAC KAIREY, DAVID PANOFF, EDDIE GINDI, AND
KATHLEEN MORIN, Civil Action No. 89-3773 (JCL) (D.N.J.)

     On July 16, 1990, the SEC obtained a judgment for
$73,496,432, plus interest, against Eddie Antar in the United
States District Court for the District of New Jersey.  Since that
time, the SEC has been engaged in a world-wide effort to locate
and return Antar s ill-gotten assets to the United States. 
Recently, two foreign courts have issued decisions adverse to
Antar s continuing efforts to retain his fraudulently-obtained
lucre overseas rather than return it to the shareholders of Crazy
Eddie, Inc., whom he hoodwinked with financial machinations.

     On July 19, 1996, the Court of Appeal of the Canton of
Zurich, Switzerland, issued a ruling whereby the court-appointed 
Trustee/Receiver in the SEC s action against Antar is entitled to
recover more than $9,000,000 that Antar had pseudonymously
deposited into bank accounts located in that Canton.  The Court
of Appeal held that the Cantonal courts in Zurich were bound by
the prior decision of a Geneva, Switzerland appellate court
recognizing and enforcing the U.S. judgment against Antar.  The
Geneva court decision had precedential effect outside the Canton 
of Geneva and barred Antar from challenging, in the courts of
Zurich, that the U.S. judgment was of a civil nature and did not 
impose either a criminal sentence or an administrative measure on
Antar.

     The Trustee/Receiver is represented in Zurich by Dr. Martin 
Bernet, of the firm Schellenberg & Haissly and, in the United
States, by A. Richard Ross, of the firm Carella, Byrne, Bain,
Gilfillan, Cecchi, Stewart & Olstein in Roseland, New Jersey.

     On July 29, 1996, the English High Court of Justice, Queen s
Bench Division, publicly released its decision striking Antar s
defense in an action brought against him by the SEC seeking to
enforce the U.S. judgment in England.  The English court (per the
Honorable Mr. Justice Sachs) struck Antar s defense because it
found that he was in contumelious breach of a July 8, 1992 order 
of the court requiring him to freeze and disclose all of his
assets in England.  The English court observed that nearly 50,000
English pounds worth of Antar s assets were transferred from
London to Liechtenstein on August 3, 1992, less than two weeks
after the English court s asset-freeze and disclosure order had
been served on Antar on July 21, 1992.  In response to Antar s
excuse that he did not disclose these assets because he had
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 wholly forgotten  about them, the court stated it was  perfectly
satisfied that [Antar] has a wholly cavalier approach to Orders
of the Court, his explanations for the breaches admitted or
proved have no credibility.   The court noted that Antar  is an
admitted fraudsman. 

     The English court directed that the SEC  be at liberty to
enter final judgment [in England] for $73,496,432 plus interest
and that the Plaintiff [SEC] to have his costs of and occasioned 
by this application . . . paid by [Antar]. 

     Prior Litigation Releases dealing with this and related
cases:  14431, 14053, 14028, 13958, 13776, 13764, 13734, 13723,
13649, 13509, 13281, 12995, 12723, 12548, 12356, and 12239.