U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 16193 / June 23, 1999

SECURITIES AND EXCHANGE COMMISSION v. DONALD B. WOHL, Civil Action No. CV 99-6354 DDP (SHx) (C.D. Cal.).

         The Securities and Exchange Commission announced on June 23, 1999, that yesterday it filed and simultaneously settled an action in federal court in Los Angeles against Donald B. Wohl alleging insider trading in the securities of Koo Koo Roo, Inc. (“Koo Koo Roo”). The Commission’s Complaint alleges that Wohl, at the time a member of the company’s board of directors, purchased stock in Koo Koo Roo before the company’s March 30, 1998 announcement that Lee Iacocca would become Koo Koo Roo’s acting chairman. Koo Koo Roo stock was the most heavily-traded on United States securities markets that day. The price of Koo Koo Roo stock rose 71% on the news of the company’s management change. The Commission’s Complaint alleges that Wohl purchased Koo Koo Roo stock for the accounts of five family members and clients. These accounts realized trading profits totaling $65,280.

         The Commission’s Complaint further alleges that Wohl violated a previous Commission order barring him from the securities industry. In 1978, Wohl consented to the entry of an order which barred him from acting as or associating with a broker, dealer, investment adviser, or investment company. The Commission’s Complaint alleges that Wohl has provided securities advice to clients for compensation in violation of the Commission’s 1978 order.

         Without admitting or denying the Commission’s allegations, Wohl consented to a final judgment against him. This judgment: (1) permanently enjoins Wohl from violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder; (2) permanently enjoins Wohl from association with a broker, dealer, investment adviser, or investment company; (3) requires Wohl to disgorge $65,280 in insider trading profits plus prejudgment interest of $3,066.80; and (4) requires Wohl to pay a civil penalty of $65,280.