UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No. 15504 / September 22, 1997

     SECURITIES AND EXCHANGE COMMISSION v. BARNARD SACKETT, JOHN H. SCHRIEK AND
     ENVIROLAND, LTD., Civ. Action No. 97-5934 U.S.D.C., 
     E.D. Pa.

          The Securities and Exchange Commission ("Commission") yesterday
     charged Barnard Sackett and his partner John H. Schriek, both California
     residents, as well as Schriek's company, Enviroland, Ltd., a Delaware
     corporation that is based in Ontario, California, with violations of the
     antifraud provisions of the federal securities laws.  In its Complaint
     filed in the United States District Court for the Eastern District Of
     Pennsylvania, the Commission alleges that the defendants solicited the
     Bankruptcy Estate for the Foundation For New Era Philanthropy, Inc. in
     Philadelphia, Pennsylvania, and at least one other investor, to invest sums
     ranging from at least $100,000 to $100 million in fictitious "prime bank"
     securities.  The solicitation materials provided to prospective investors
     guaranteed the repayment of principal and returns on investment ranging
     between 360% to 528% per annum.  The Commission's Complaint further alleges
     that the defendants requested that those investors recommend the fictitious
     "prime bank" securities to hundreds of non-profit organizations and
     charities that are associated with or creditors of those investors.
       
          The Complaint seeks to permanently enjoin Sackett, Schriek and
     Enviroland from violating Section 17(a) of the Securities Act of 1933 and
     Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
     thereunder.  In addition, the Complaint seeks an award of civil penalties
     against each of the defendants.






















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