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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Litigation Release No. 15044 / September 12, 1996

Securities and Exchange Commission v. Tina M. Applegate et al.,
No.C2-96-474 (S.D. Ohio 1996); Securities and Exchange Commission
v. Larry R. Ryan, No. 96-CV-04379 (N.D. Illinois 1996).

     The Commission announced that orders of permanent injunction
were entered against Tina M. Applegate, Douglas A. Burnip, Dennis
A. Dunlap, Stephen M. Jordan, and Miguel A. Lucas (the Ohio
Defendants) in the U.S. District Court for the Southern District
of Ohio and against Larry R. Ryan in the U.S. District Court,
Northern District of Illinois enjoining them from violations of
the registration and antifraud provisions of the federal
securities laws.  The defendants consented to the entry of the
orders without admitting or denying the allegations in the
Commission's complaints.  In its complaints, the Commission
alleged that from 1991 through 1993, the Defendants, National
Liquidators, Inc., Vance K. Wolfe and others raised approximately
$43 million from the offer and sale of unregistered securities to
approximately one thousand investors in several states.  The
Defendants made materially false and misleading statements to
investors and prospective investors concerning the use of
investor proceeds, the risks involved in making the investment,
the return on the investment and the commissions paid to the
Defendants.