SECURITIES AND EXCHANGE COMMISSION


LITIGATION RELEASE NO. 16104 \ April 2, 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 the Honorable Nancy Gertner,
United States District Judge for the District of Massachusetts, issued a
Final Judgment of Permanent Injunction against Anthony Garry ("Garry"), of
Beverly, Massachusetts, who consented to the relief without admitting or
denying the Commission’s allegations.  The judgment enjoins Garry from
future violations of the securities registration, antifraud and broker-
dealer registration provisions of the federal securities laws.

     The Commission’s Complaint alleged that Garry, using false information
and promotional brochures provided by Defendant Michael D. Richmond, sold
at least $500,000 worth of fictitious unregistered International
Certificates of Deposit ("ICDs") issued by Defendant Royal Meridian
International Bank ("RMIB"), a non-existent bank.  The Commission alleged
that Garry, a former registered-representative,  falsely informed
investors, many of whom were teachers in Massachusetts public schools, 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."  The Complaint further alleged that Garry convinced one
investor to liquidate over $275,000 in variable annuities to purchase the
phony ICDs.

     The Court ordered Garry to disgorge $58,875, representing commissions
earned from the conduct alleged.  The disgorgement was waived based on
Garry’s demonstrated inability to pay.  In addition, no civil monetary
penalties were assessed based on Garry’s financial condition.  The
statutory sections Garry is enjoined from violating are 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.

     The litigation is continuing as to the remaining defendants.  For
further information, see Litigation Release Nos. 15813 and 16027.

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