U.S. SECURITIES AND EXCHANGE COMMISSION


     Litigation Release No. 15586 / December 9, 1997

     Securities and Exchange Commission v. Roger D. Wyatt and David L.
     Holewinski, Civil Action No. 96-5399 TJH (Mcx) (C.D. Cal.)

          The Securities and Exchange Commission announced that on November 24,
     1997, the Honorable Terry J. Hatter, Jr., United States District Judge for
     the Central District of California, entered a Final Judgment against Roger
     D. Wyatt of Houston for insider trading in the securities of Chantal
     Pharmaceutical Corporation, a Los Angeles based company.  

          The Judgment against Wyatt provides that he is enjoined from future
     violations of the antifraud provisions of the federal securities laws.  He
     was also ordered to pay disgorgement in the amount of $50,125, representing
     the amount of losses he and his tippee avoided from insider trading plus
     prejudgment interest in the amount of $8,705.21 and civil penalties in the
     amount of $150,375.  In sum, Wyatt was ordered to pay a total of
     $209,205.21.  The Judgment was entered following the Commission's
     successful motion to enter a Default Judgment against Wyatt for his willful
     failure to comply with a court order directing him to produce documents
     relating to his brokerage account situated in the Cayman Islands.

          The Commission filed a Complaint on August 5, 1996, against Wyatt,
     alleging insider trading in connection with his sale of Chantal stock in
     February 1993.  The Complaint alleged that the sale took place prior to a
     public announcement by Chantal, on February 25, 1993, that The Upjohn
     Company had terminated a licensing agreement with Chantal because tests
     showed that Chantal's Cyoctol compound was not an effective anti-acne drug. 
     The Complaint further alleged that Chantal's joint venture with Upjohn was
     its sole source of income at the time.  

          The Complaint also alleged that between mid-January 1993 and February
     25, 1993, Wyatt, while acting as a consultant to Chantal, became aware of
     confidential information concerning Upjohn's testing of Cyoctol and sold
     10,000 Chantal shares through a brokerage account in the Cayman Islands. 
     Additionally, the Complaint alleged that Wyatt conveyed this information to
     David L. Holewinski, an individual with whom Wyatt maintained a close,
     personal and business relationship.  Holewinski, in turn, directed his
     broker to sell all of his and his wife's Chantal shares immediately
     following a telephone conversation with Wyatt on February 25, 1993. 
     Holewinski's trades occurred just before the public announcement by
     Chantal.  The Judgment against Wyatt leaves Holewinski as the sole
     remaining defendant in the matter.  









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