UNITED STATES SECURITIES AND EXCHANGE COMMISSION

          Litigation Release No. 16138

          Securities and Exchange Commission v. Abacus International
          Holding Corp. and Arthur Agustin,  C99-2191TEH (N.D. Cal.)

               The Securities and Exchange Commission ("Commission")
          announced that, on May 11, 1999, it filed a complaint in the
          United States District Court for the Northern District of
          California against Abacus International Holding Corp. ("Abacus")
          and its sole owner and employee, Arthur Agustin ("Agustin"), of
          Alameda, California.  The Commission's complaint alleges that
          Agustin, acting by and through Abacus, and through Abacus'
          Internet website which he created, has since July 1998
          fraudulently offered and sold "prime bank" securities in
          violation of the securities registration and antifraud provisions
          of the Securities Act of 1933 ("Securities Act") and the
          antifraud and broker-dealer registration provisions of the
          Securities Exchange Act of 1934 ("Exchange Act").

               The Commission's complaint alleges that Agustin created a
          website, at www.abacusintl.com, through which he and Abacus offer
          non-existent securities to investors and promise extravagant,
          risk-free guaranteed returns of 80% per month and higher.  Using
          materials found on other Internet websites, Agustin falsely
          describes Abacus as an international company with access to a
          wide variety of investment opportunities when, in reality, it is
          nothing more than a website operated by Agustin out of his home.
          The website offers several different investment programs,
          descriptions of which Agustin also obtained from other websites,
          all of which bear the indicia of prime bank securities.

               The complaint alleges that Agustin, through Abacus and the
          website, has made numerous material misrepresentations and
          omissions concerning the offered investments.  Most importantly,
          the defendants falsely suggest that prime bank securities exist,
          when they do not.  As a result of these fraudulent statements, at
          least one investor sent Agustin $170,000, and was induced by
          Agustin to send an additional $80,000 to a third party.  Agustin
          misappropriated at least $60,000 of the investor's funds for his
          own use.

               The complaint seeks to permanently enjoin the defendants
          from future violations of Sections 5(c) and 17(a) of the
          Securities Act,  and Sections 10(b) and 15(a) of the Exchange Act
          and Rule 10b-5 thereunder.  The complaint also seeks disgorgement
          and civil penalties from each of the defendants.