UNITED STATES SECURITIES AND EXCHANGE COMMISSION


     Litigation Release No. 15581 / December 8, 1997

     SECURITIES AND EXCHANGE COMMISSION v. JAMES R. FRITH, JR. and CHICAGO
     PARTNERSHIP BOARD, INC., DEFENDANTS and ADBOT, INC, RELIEF DEFENDANT,
     United States District Court for the Northern District of Illinois, No. 97
     C 8440 (Honorable Paul Plunkett).

          The Securities and Exchange Commission announced that on December 5,
     1997, it obtained a Temporary Restraining Order against James R. Frith, Jr.
     (Frith), a resident of Highland Park, Illinois,  and Chicago Partnership
     Board, Inc. (CPB).  The Order, entered on December 5, 1997, restrains Frith
     and CPB from violating the net capital, customer protection, antifraud, and
     books and records provisions of the federal securities laws.  The Order
     also froze all of the assets of Frith, CPB and Adbot, Inc., another company
     owned and managed by Frith. CPB is in the business of matching buyers and
     sellers of limited partnerships through a modified auction process.

          From approximately May 1996 through the present, Frith and CPB have
     fraudulently diverted at least $3.4 million in funds owed to CPB s
     brokerage customers in connection with transactions in limited partnership
     units to various improper uses, including coverage of CPB s operating
     losses, and distributions to Frith and Adbot. In doing so, CPB failed to
     maintain sufficient funds in a special reserve account required for the
     protection of customers and failed to maintain the legally required amount
     of net capital for an extended period.  In addition, CPB and Frith
     submitted false reports based on CPB s inaccurate books and records to the
     Commission and the National Association of Securities Dealers.
     In doing so, CPB and Frith violated Section 17(a) of the Securities Act of
     1933 (Securities Act) and Section 10(b) of the Securities Exchange Act of
     1934 (Exchange Act) and Rule 10b-5 promulgated thereunder, and CPB violated
     and Frith aided and abetted violations of Sections 15(c)(1) and 15(c)(3) of
     the Exchange Act and Rule 15c1-2, 15c3-1, and 15c3-3 thereunder, and Rules
     17(a) and 17(e) of the Exchange Act and Rules 17a-3 and 17a-5 thereunder.

          Also on December 5, on the application of Securities Investor
     Protection Corporation, the Court appointed a temporary receiver for CPB. A
     preliminary injunction hearing is scheduled for December 15.













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