SECURITIES AND EXCHANGE COMMISSION


          Litigation Release No. 15894 / September 22, 1998

          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 Commission announced that on September 14, 1998, the
          Honorable Anita Brody, United States District Court Judge for the
          Eastern District of Pennsylvania, issued a final judgment that
          permanently enjoins defendant Barnard Sackett ("Sackett") from
          committing securities fraud.  The Commission's Complaint, which
          was filed on September 22, 1997, alleges, among other things,
          that Sackett, together with defendants John H. Schriek
          ("Schriek") and Enviroland, Ltd. ("Enviroland"), solicited the
          Bankruptcy Estate for the Foundation For New Era Philanthropy,
          Inc. in Philadelphia, Pennsylvania, as well as at least one other
          investor, to invest as much as $100 million in fraudulent "prime
          bank" securities.  The Complaint also alleges that the defendants
          guaranteed investors the repayment of principal and returns on
          their investments at the annual rate of at least 360% and as
          great as 528%.  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 final judgment permanently enjoins
          Sackett from violating Section 17 of the Securities Act of 1933,
          and Section 10(b) of the Securities Exchange Act of 1934 and Rule
          10b-5 thereunder, but does not impose a civil penalty against
          Sackett based on his demonstrated inability to pay.  Sackett
          consented to the entry of the final judgment without admitting or
          denying the allegations contained in the Complaint.  The
          Commission's action remains pending against defendants Schriek
          and Enviroland.