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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 15120 / October 11, 1996

SECURITIES AND EXCHANGE COMMISSION v. CROSS FINANCIAL SERVICES,
INC., OWEN R. FOX, CARROLL E. SIEMENS, BRUCE FRANKLIN, MICHAEL J.
COLELLO AND DOUGLAS S. CROSS, Civil Action No. 94-4228 RAP(Ex)
(C.D. Cal. June 23, 1994).

     The Securities and Exchange Commission announced that on
     September 27, 1996, the Honorable Richard A. Paez of the
     Central District of California issued an Order Adjudging
     Defendant Bruce Franklin In Civil Contempt And Directing
     Franklin To Repatriate All Foreign Assets.  The Court found
     that Franklin had failed to pay any but a small portion of
     the $2,392,986.21 in Court-ordered disgorgement or
     $204,611.06 in prejudgment interest.  In granting the
     Commission summary judgment on September 7, 1995, the Court
     had found that Franklin and others had violated the
     registration and antifraud provisions of the federal
     securities laws, and ordered them to disgorge their ill-
     gotten gains.  

     The Court ordered that Franklin surrender himself within ten
     days of service of its Order to the custody of the United
     States Marshal's Service in Los Angeles, California.  Should
     Franklin fail to surrender, the Court will issue a warrant
     for his arrest.  The Court further ordered that Franklin
     will remain in custody until he complies with the Court's
     disgorgement judgment by either paying the ordered
     disgorgement and interest or providing the Court with a
     categorical and detailed showing which demonstrates his
     inability to pay the ordered disgorgement and interest.  See
     also Litigation Releases 14649 (September 21, 1995); 14715
     (November 9, 1995).