SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.

     Litigation Release No. 15569 / November 24, 1997

     SECURITIES AND EXCHANGE COMMISSION V. STEVEN STRAUSS, United States
     District Court for District of Connecticut, Civil Action No. 
     3:97CV245 (AWT)  (November 21, 1997)

          The Securities and Exchange Commission announced that on November 21,
     1997 it filed a Complaint in the United States District Court for the
     District of Connecticut against Steven Strauss, a former managing director
     of Sakura Global Capital, Inc. ("Sakura"), for fraud in connection with the
     sale of municipal securities.  The Complaint alleges that in two municipal
     bond transactions in which Sakura provided forward purchase agreements
     ("forward") to the issuers, Strauss made materially misleading statements
     and/or affirmative misrepresentations to the issuers with respect to
     undisclosed payments that Sakura, through Strauss, made to Stifel, Nicolaus
     & Company, Inc. ("Stifel"), the underwriter for the transactions.  The
     Complaint alleges that these undisclosed payments jeopardized the tax-
     exempt status of the bonds.

          The Complaint alleges that in a 1992 transaction for the Oklahoma
     Turnpike Authority, the forward stated that Sakura did not intend to take
     any actions which would jeopardize the tax-exempt status of the bonds.  The
     Complaint alleges that at the time Strauss signed the forward on behalf of
     Sakura, he knew that Sakura was planning to pay a $6.593 million brokerage
     fee to Stifel, and that Strauss knew or was reckless in not knowing that
     such a brokerage fee would jeopardize the tax-exempt status of the bonds. 
     The Complaint also alleges that in a 1992 transaction for the Sisters of
     St. Mary's Health Care Obligated Group ("SSM"), at the request of bond
     counsel, Strauss signed a certificate on behalf of Sakura stating that
     Sakura would not make any payments, other than certain payments to the
     issuer, in connection with the forward.  However, the Complaint alleges
     that Strauss caused Sakura to make a $100,000 payment to Stifel. 

          The Complaint alleges that by his conduct, Strauss violated Section
     17(a) of the Securities Act of 1933, Section 10(b) of the Securities
     Exchange Act of 1934 and Rule 10b-5 thereunder.  The Complaint seeks relief
     including a permanent injunction barring Strauss from future violations of
     those provisions and the imposition of a civil penalty.












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