UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No. 15619 / January 15, 1998

     SECURITIES AND EXCHANGE COMMISSION V. ROBERT C. WILSON, ET AL., Civil
     Action No. 95-WM-3174 (D.Colorado)

     UNITED STATES V. ROBERT C. WILSON, Nos. 97-189-CR-T-99 (E) (M.D. Florida)
     and CR97-178 (C.D. Ca.)

          The Securities and Exchange Commission announced that on January 12,
     1998 Stephen V. Wilson, United States District Judge (C.D.Ca.), sentenced
     Robert C. Wilson ("Wilson") to a federal prison term of 57 months on his
     guilty plea to charges in Florida and 46 months on his plea to charges in
     California.  

          The criminal information filed in the U. S. District Court for the
     Middle District of Florida  in May 1997 charged that Wilson defrauded the
     United States Employer Consumer Self-Insurance Fund of Florida ("USEC").
     Wilson told USEC that the insurance company could increase its return on
     investments by purchasing U.S. Treasury securities, with some additional
     capital being contributed by Debenture Guaranty Corp.("Debenture"), an
     entity controlled by Wilson and Gary C. Long.  USEC liquidated $3.4 million
     in investment assets and transferred the money to Debenture.  Wilson then
     had a stockbroker confirm to USEC that $7.011 million in treasury
     securities were held in its account.   The insurance company was not told,
     however, that the securities were purchased on margin and that the
     company's account actually had a value of less than $600,000.  Next, Wilson 
     falsely represented to the company that Debenture had erroneously
     contributed $2.3 million in excess funds to the company's account for the
     purchase of the treasury securities, and obtained USEC's authorization to
     wire transfer this money into Debenture's account.  Unbeknownst to USEC,
     the $2.3 million actually was the balance of USEC's own money remaining
     after the securities had been bought on margin.  Wilson later converted
     these funds obtained from the insurance company to his own use.

             Wilson was charged in the criminal information filed in the U. S.
     District Court for the Central District of California in February 1997 with
     running an advance fee swindle. Wilson told victims in that scheme that
     their "loan fee" payments were secured by government securities.  In fact,
     Wilson did not obtain loans for his victims, but instead used their fees
     for his personal expenses.

          Wilson and others were named as defendants in a parallel civil
     injunctive action brought by the Commission on December 20, 1995. The
     Commission's complaint alleges that a number of investors were defrauded by
     Wilson, Gary F. Long, Samuel L. Boyd, and Debenture Guaranty Corp. in a
     scheme in which investors were solicited to invest in U.S. Treasury
     securities, which purportedly would be traded using a proprietary method
     that would produce unusually high yields.  According to the complaint,
     investors' funds were not, in fact, being invested in any high yield
     investment program but were being misappropriated after a small portion of

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     the funds was used to purchase securities on margin.  The Commission's
     complaint further alleges that these misappropriated investor funds were
     paid for the benefit of various participants in the scheme including
     Wilson, Long, and Boyd.  The Commission obtained a temporary restraining
     order, a preliminary injunction and an asset freeze against Wilson, Long,
     Debenture Guaranty, Euro Scotia Funding (USA, Inc.) and Euro Scotia Group,
     Ltd. in January  1996. Following a three day hearing, the Commission's
     request for a preliminary injunction and asset freeze as to defendant Boyd
     and nominal defendants John J. Kenny, Kenny Capital Management, Inc.,
     Nicholson/Kenny Capital Management, Inc., and Kenny Securities Corporation
     was denied. The Commission's litigation against all of the defendants and
     nominal defendants in the civil case is ongoing.  See  Lit. Rel. 14761
     (December 20, 1995)








































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