UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No. 15536 / October 20, 1997

     Securities and Exchange Commission v. Gary W. Berus, Patricia S. Gale,
     Robert W. Harper and Nancy A. Swoffer, (United States District Court for
     the Eastern District of Michigan, Civil Action No. 96-CV-74524)

          The Securities and Exchange Commission announced that on October 3,
     1997, Judge Nancy G. Edmunds of the United States District Court for the
     Eastern District of Michigan entered an Order of Permanent Injunction
     (Order) against Patricia S. Gale (Gale) enjoining her from further
     violations of Sections 17(a)(1), 17(a)(2) and 17(a)(3) of the Securities
     Act of 1933, Sections 10(b), 15(a)(1) and 15(c)(1) of the Securities
     Exchange Act of 1934 and Rules 10b-5 and 15c1-2 promulgated thereunder and
     ordering  disgorgement in the amount of $39,939.29, including prejudgment
     interest, and civil penalties.  The Court will set the specific amount of
     civil penalties in a subsequent hearing.  However, since Gale has filed for
     bankruptcy in the United States District Court for the Eastern District of
     Michigan, the Commission will not seek to enforce the obligation of Gale to
     pay disgorgement or civil penalties except in accordance with the United
     States Bankruptcy Code.  Gale consented, without admitting or denying the
     allegations in the Commission's complaint, to the entry of the Order.

          The Complaint, filed on September 30, 1996, alleged, among other
     things, that during the period from 1990 through 1994, Gale, as one of two
     salespersons for two promoters, participated in a scheme whereby a total of
     approximately 120 investors were defrauded through the offer and sale of
     over $3 million in securities.  Specifically, Gale offered and sold
     fictitious certificates of deposit (CDs) issued by a purported
     international bank, Century Security Bank and Trust, Ltd. (Century
     Security).  Furthermore, in two separate scams, Gale sold interests in two
     investment clubs, the Profit Masters Group (Profit Masters) and Meca
     International, Inc. (Meca).

          In connection therewith, Gale told CD investors that they were
     purchasing variable rate CDs issued by a legitimate bank, with their money
     to be used by Century Security to finance various business ventures.  The
     CDs were portrayed as safe investments with significant rates of returns. 
     Investment club investors were told that their funds would be pooled to
     purchase common stocks.  Depending on the investment scam, investors were
     promised annual returns ranging from 8% to 24%.  As a result, investors
     were persuaded to sell legitimate, conservative investments to finance
     their Century Security, Profit Masters and/or Meca investments.

          However, Gale never conducted any investigation into the accuracy of
     the above representations regarding Century Security, Profit Masters or
     Meca, but instead simply reiterated the promoters' representations.  In
     reality, Century Security, Profit 

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     Masters and Meca were operated as three separate "ponzi" schemes.  In each
     of the three schemes, investor money was deposited into brokerage accounts,
     bank accounts and a credit union account, all of which were controlled by
     the promoters.  Undisclosed to investors, the promoters then used investor
     funds to pay personal and business expenses, to make payments to prior
     investors and to unsuccessfully trade in speculative investments, including
     commodity futures and options.  Consequently, returns to existing investors
     were dependent upon the ability of the promoters to continually raise
     additional funds from new investors.  Furthermore, in contravention to
     Gale's representations, Century Security was not even a legitimate banking
     operation.  Finally, Gale failed to disclose to investors the commissions
     she received from the sale of the above investments.  Thus, in connection
     with the offer, purchase and sale of securities, misrepresentations and
     omissions of material fact were made regarding the legitimacy of the
     investments, the returns to be expected, the risks involved, the
     commissions received and the use of investor proceeds.






































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