UNITED STATES SECURITIES AND EXCHANGE COMMISSION

          Litigation Release No. 15561 / November 14, 1997


          SECURITIES AND EXCHANGE COMMISSION v. VINCENT SETTEDUCATE, 97
          Civ. 8472 (SAS) (S.D.N.Y.) 

          The Securities and Exchange Commission today filed an action in
          federal court in Manhattan charging a businessman with
          fraudulently obtaining $200,000 from early 1992 through 1994, by
          engaging in a scheme involving fictitious  prime bank 
          securities, and with diverting those funds to his own use.

          Named in the Complaint was:

          Vincent Setteducate, a/k/a Vincent Sette ("Setteducate"), a 39 year
          old former resident of Eastchester, New York, and former president of
          the Professional Spring Football League, Inc. ("PSFL").

          The Complaint alleges that:

               Setteducate, directly or indirectly, falsely represented to four
               investors that he was attempting to raise $1 million to be put in
               an escrow account in order to borrow against it, and with the
               borrowed money, facilitate the procurement of a "purchase order"
               that purportedly could be used to buy bank instruments. 
               Setteducate represented that investors would make a profit by
               being paid a percentage of the face value of such instruments. 
               Setteducate represented that the required investment per investor
               was $50,000 and that the return on each investment would be $2.5
               million.  

               Setteducate, directly or indirectly, falsely represented to two
               other investors that he could obtain bank "purchase orders"
               representing loan funds in the amount of $100 million to be
               exchanged for bank instruments described as "Prime World Bank
               SBLC [stand by letters of credit]."  Setteducate promised these
               investors that they would earn between eight and ten million
               dollars on this transaction.  These representations were
               materially false and misleading because such "purchase orders"
               are neither issued nor accepted by banks for the purpose of
               buying and selling financial instruments.  

               Setteducate prepared and signed contracts falsely representing
               that he would use investors  money to obtain the issuance of
               "purchase orders" for bank instruments.  Instead, in each
               instance, Setteducate misappropriated the investors  money for
               his personal and business expenses associated with the PSFL. 

          In its Complaint, the Commission alleges that Setteducate violated the
          antifraud provisions of the federal securities laws, Section 17(a) of

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          the Securities Act of 1933 and Section 10(b) of the Securities
          Exchange Act of 1934 and Rule 10b-5 thereunder.  The Commission seeks
          a permanent injunction against future violations of those antifraud
          provisions, disgorgement of Setteducate's ill-gotten gains plus
          prejudgment interest, and civil penalties. 

          The litigation is pending.














































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