UNITED STATES SECURITIES AND EXCHANGE COMMISSION

          LITIGATION RELEASE NO. 16031 /   January 19, 1999

          SECURITIES AND EXCHANGE COMMISSION v. Uniglobe Trading Company,
          Inc., et. al., 97 Civ. 08659 (USDC SDNY)

               The Commission announced that the U.S. District Court for
          the Southern District of New York, White Plains Division issued
          orders of permanent injunction and other relief against ten
          defendants in a pending action involving the offer to sell forged
          and fictitious treasury bonds purportedly issued by an
          Argentinean bank and the government of Japan.  Judge Charles
          Brieant issued orders on January 5, 1999 against Uniglobe Trading
          Company Inc. (Uniglobe), a Yonkers, New York entity which claimed
          to assist clients in the transfer of financial instruments and
          commodities; two of its officers, Clint Holland (Holland) and
          Margaret Laughrin (Laughrin); Moorgreen Holdings Limited
          (Moorgreen), a Gibralter company with offices in Spain; a
          Moorgreen representative, Raymond Nakachian (Nakachian),
          Northeast Investment Institution, Inc. (Northeast), a
          Fayetteville, North Carolina entity, and four representatives of
          Northeast including Thomas Patrick McGlon (president and a
          director), Daniel Watlington (secretary-treasurer and a
          director), William Muwwakkil (vice-president and a director) and
          Tyrone P. Jones, III (a "special consultant").

               The Commission's complaint, filed November 21, 1997, alleged
          that, during 1997, Uniglobe, Holland, Laughrin Nakachian and
          Moorgreen participated in offers to sell fraudulent certificates
          of deposit (CDs) purportedly issued by of Banco de la Nacion
          Argentina with stated principal amounts exceeding [U.S.] $100
          million each.  The complaint further alleged that Uniglobe,
          Holland, Laughrin, Northeast and its representatives during the
          same period offered for sale forged treasury bonds purportedly
          issued by the Japanese government totaling 12 billion yen
          (approximately [U.S.] $120 million).  In November and December
          1997, the Commission sought, and the Court entered, temporary
          restraining orders halting the attempts to sell the fictitious
          instruments, and no sales of either type of fictitious instrument
          were consummated.

                Without admitting or denying the allegations of the
          complaint, the ten defendants named in the action consented to
          the issuance of an order permanently enjoining them from
          violating the antifraud provisions, Section 17(a) of the
          Securities Act of 1933 and Section 10(b) of the Securities and
          Exchange Act of 1934 and Rule 10b-5 thereunder.  Based upon their
          demonstrated financial inability to pay, the Commission waived
          imposition of civil penalties as to the defendants. [See
          Litigation Releases Nos. 15568 (November 2, 1997); 15592
          (December 12,1997) and 15621 (January 20, 1998)].