SECURITIES AND EXCHANGE COMMISSION


          LITIGATION RELEASE NO.  16027 / January 19, 1999

          SECURITIES AND EXCHANGE COMMISSION v. MICHAEL D. RICHMOND,
          individually, MICHAEL D. RICHMOND d/b/a LIBERTY NETWORK, ROYAL
          MERIDIAN INTERNATIONAL BANK, MERIDIAN MONETARY SERVICES, INC.,
          WILLIAM DUKE, MERIDIAN MANAGEMENT SERVICES, LLC., K. BRUCE
          NUCKOLS, ANTHONY GARRY, THOMAS CONNOLLY, AND AS RELIEF
          DEFENDANTS, ZONE PRODUCTIONS, INC., TERRY KOONTZ AND MARIANNE
          CLARK AND LINDA MITCHELL as Trustees for PURR TRUST (United
          States District Court for the District of Massachusetts, C.A. No.
          98CV11378-NG)

               The Commission announced today that, on December 22, 1998,
          the Honorable Nancy Gertner, United States District Judge for the
          District of Massachusetts, issued Final Judgments of Permanent
          Injunction against Thomas P. Connolly ("Connolly") and K. Bruce
          Nuckols ("Nuckols").  Connolly and Nuckols, who consented to the
          relief without admitting or denying the Commission's allegations,
          were enjoined from future violations of the securities
          registration, antifraud and broker-dealer registration provisions
          of the federal securities laws.

               The Commission's Complaint alleged that, using false
          information and promotional brochures provided by Defendant
          Michael D. Richmond, Connolly and Nuckols sold fictitious
          unregistered International Certificates of Deposit ("ICDs")
          issued by Defendant Royal Meridian International Bank ("RMIB"), a
          non-existent bank.  The Commission alleged that Connolly and
          Nuckols falsely informed investors that the RMIB ICDs would
          provide a guaranteed rate of return of 12%, 18%, or in some cases
          24%, that RMIB held 125% in cash reserves for each investment,
          that all investments were secured by Government National Mortgage
          Association bonds, and that certain large investors would receive
          a security interest in their investment evidenced by a UCC-1
          issued by the "The Federal Bank."  In addition, Connolly, a
          former registered representative with WMA Securities, Inc.
          ("WMA") is alleged to have sold the ICDs after WMA issued a
          compliance warning prohibiting the solicitation or sale of RMIB
          products.

               The Court ordered Connolly and Nuckols to disgorge $6,970
          and $25,385, respectively, representing commissions earned from
          the conduct alleged.  The disgorgement was waived based on the
          defendants' demonstrated inability to pay.  In addition, no civil
          monetary penalties were assessed against Connolly and Nuckols
          based on their financial condition.  Connolly and Nuckols are
          enjoined from violating Sections 5 and 17(a) of the Securities
          Act of 1933 and Sections 10(b) and 15(a) of the Securities
          Exchange Act of 1934.

               On  January 14, 1998, based on the entry of the injunction,
          the Commission entered an Order barring Connolly from association
          with any broker, dealer, municipal securities dealer, investment
          adviser or investment company.   Connolly consented to the
          Commission's Order.

          The litigation is continuing as to the remaining defendants.  For
          further information, see Litigation Release No. 15813.