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SECURITIES AND EXCHANGE COMMISSION


LITIGATION RELEASE NO. 14650 / September 22, 1995
SECURITIES AND EXCHANGE COMMISSION v. ELLIS L. DEYON, BRADLEY T.
GULLETT (INDIVIDUALLY, AND D.B.A. "GULLETT & ASSOCIATES"),
WILLIAM HANKE, DOVE INVESTMENT GROUP, INC., AND SHERWOOD H. CRAIG
(United States District Court for the District of Maine, Civ.
Action No. 95-0164-B).
         
     The Securities and Exchange Commission announced that on
September 21, 1995, it achieved repatriation of approximately
$400,000, which represents all funds held in a Mexican bank
account in the name of defendant Ellis L. Deyon.  The Honorable
Morton A. Brody, U.S. District Judge for the District of Maine,
had ordered repatriation of all funds any defendant had
transferred outside the United States, as part of the preliminary
relief obtained by the Commission when its action was filed on
July 25, 1995.  The Commission alleged that each of the
defendants was participating in an ongoing fraudulent offering of
securities in violation of the federal securities laws by
soliciting investors to place money in a "special inversion
account" in Mexico with the promise of annual returns of up to
300%.  

     The Commission has alleged that the defendants raised
several hundred thousand dollars from investors in Maine,
Pennsylvania, Texas, California, Florida and perhaps other
states.  These funds were then transferred to a bank account in
Mexico under the control of defendant Deyon.  Almost $400,000 was
in defendant Deyon's account when repatriated.  The Commission
acknowledges the assistance of the Comision Nacional de Bancaria
y Valores of Mexico, which regulates banking and securities
activity, and worked with the Commission's Office of
International Affairs to assist in accomplishing the
repatriation.  The repatriated funds have been placed in the
registry of the court.
 
     The Commission's Complaint in the case alleges that,
beginning no later than mid-May 1995 and continuing at least
until the filing of the Commission's Complaint, the defendants
fraudulently induced members of the public to invest with them by
promising to pay a virtually risk-free annual return of up to
300%.  According to the Complaint, the defendants represented
that they could pay such extraordinary rates of return because
the proceeds of the investment sales would be deposited into a
"special" Mexican bank account they control which they claimed
generates investment returns or earns interest of approximately
1020% per year.  The Commission also alleged that, in some
instances, the defendants told investors and potential investors
that the account would be used to engage in the trading of
instruments referred to as "Prime Bank" securities.

     The Complaint alleges that, contrary to the Defendants'
representations to investors and potential investors, the bank
account into which the proceeds of the investment offering were
deposited does not earn the extraordinary rate of return
described, the investments involve an extraordinary amount of
risk, and the existence of legitimate financial instruments known
as "Prime Bank" securities is nothing more than a hoax. 
Moreover, the Commission alleges that at no time relevant hereto
has any of the defendants 
been registered with the Commission as securities broker-dealers

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or associated with such a broker-dealer as they were required to
be.

     The defendants allegedly targeted persons active in
evangelical Christian ministries of which the defendants purport
to be devout followers.  According to the Complaint, many of the
investors and potential investors solicited by the defendants are
of modest economic means and are unsophisticated and
inexperienced in financial matters.  The defendants allegedly
encouraged potential investors to take extraordinary steps to
obtain money to invest including obtaining second mortgages on
their residences and procuring large cash advances against their
credit cards. 

     On August 17, 1995, the court entered a Preliminary
Injunction and Order to Continue Asset Freeze and Other Relief
("Order") preliminarily enjoining ELLIS L. DEYON (of Saltillo,
Coahuila, Mexico), BRADLEY T. GULLETT (of Maitland, Florida),
WILLIAM HANKE and DOVE INVESTMENT GROUP, INC. (of Davenport,
Florida) and SHERWOOD H. CRAIG (of Orono, Maine) from continuing
their fraudulent offer and sale of securities.  The Order also
continues a freeze of certain assets originally entered by the
Court on July 25, 1995, and grants other relief.  The Court
entered the Order upon a motion by the Commission and the consent
of the defendants.  

     The Commission alleges that the defendants' offering and
selling activity violated the antifraud and broker-dealer
registration provisions of the federal securities laws -  i.e.,
Section 17(a) of the Securities Act of 1933 and Sections 10(b)
and 15(a) of the Securities Exchange Act of 1934 and Rule 10b-5
thereunder.  In its Complaint, the Commission seeks the following
ultimate relief: (i) permanent injunctions prohibiting the
commission of further violations of the antifraud and broker-
dealer registration provisions of the federal securities laws;
(ii) disgorgement of the defendants' ill-gotten gains plus
prejudgment interest thereon; and (iii) civil monetary penalties
in an amount to be determined by the Court.  Discovery is
currently proceeding in the case, which is scheduled for trial in
April, 1996.

     For further information, please see Litigation Release Nos.
14586 and 14610.