UNITED STATES SECURITIES AND EXCHANGE COMMISSION


     Litigation Release No. 15580 / December 4, 1997


     SECURITIES AND EXCHANGE COMMISSION v. STEVEN R. JAKUBOWSKI, Civil Action
     No. 94 C 4539 (N.D. Ill.)

          The Commission announced that on September 30, 1997, the United States
     District Court of the Northern District of Illinois, Eastern Division,
     Judge Ann Williams presiding, entered Final Judgment against Steven R.
     Jakubowski (Jakubowski), a resident of LaGrange, Illinois, enjoining him
     from violations of the anti-fraud provisions of the federal securities
     laws, and ordering him to pay $78,423.23 in disgorgement and prejudgment
     interest and $51,500.74 in civil penalties.

          The Court entered its judgment after granting the Commission's motion
     for summary judgment.  In granting the Commission's motion, the Court found
     that in 1991 and 1992, Jakubowski violated Section 10(b) of the Securities
     Exchange Act of 1934 and Rule 10b-5 thereunder in connection with the
     purchase of stock offered pursuant to the conversion of four savings and
     loan associations from mutual to stock form of ownership.  Jakubowski
     located accountholders who held non-transferrable subscription rights to
     purchase newly-issued stock in the holding companies of the converting
     savings and loan associations.  He then arranged to obtain the stock to
     which the accountholders were entitled for his benefit and the benefit of
     Generation Capital Associates (GCA), an unregistered investment company,
     and Frank E. Hart (Hart), GCA's president.  Jakubowski circumvented
     restrictions on the transferability of the stock by causing accountholders
     to state falsely on their stock purchase applications that they were buying
     the stock for themselves and by failing to disclose the arrangements with
     Jakubowski, GCA, and Hart.  

          GCA and Hart were previously enjoined, by consent, on July 13, 1994,
     based on the same conduct.

















                              ======END OF PAGE 1======