SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.

     LITIGATION RELEASE NO. 15677 / March 19, 1998

     ACCOUNTING AND AUDITING ENFORCEMENT 
     RELEASE NO. 1016 / March 19, 1998

     SECURITIES AND EXCHANGE COMMISSION v. RAYMOND F. SIMMONS, Civil Action No.
     98-0869 (GK)(D.D.C.)

     UNITED STATES v. RAYMOND SIMMONS, CR-S-98-100 (D.Nev.)

          The Securities and Exchange Commission ("Commission") today filed a
     Complaint against Raymond F. Simmons ("Simmons"), a\k\a David Simmons, in
     the United States District Court for the District of Columbia.  The
     Complaint alleges that Simmons participated in a fraudulent scheme to
     falsify the financial statements of Combined Companies International Corp.
     ( CCIC ), formerly a publicly traded microcap company located in Las Vegas,
     Nevada.  The Complaint seeks orders permanently enjoining Simmons from
     violations of Section 17(a) of the Securities Act of 1933, Sections 10(b)
     and 13(b)(5) of the Securities Exchange Act of 1934 and Rules 10b-5 and
     13b2-1 thereunder, requiring him to file an accounting of compensation
     received from his illegal activities, requiring Simmons to disgorge his
     illegal gains together with prejudgment interest, and requiring him to pay
     a civil penalty.

          Specifically, according to the Complaint:

          Simmons provided a fraudulent  asset enhancement  service for CCIC
             between 1993 and 1996.  As part of this service, Simmons prepared a
             series of false documents claiming that he was an agent of an
             offshore financial institution that maintained custody of millions
             of dollars of cash for CCIC.

          Simmons furnished those false documents to CCIC, and that the
             fictitious cash asset was included in the company s financial
             statements.  According to the Complaint, CCIC s materially false
             financial statements, including the fictitious asset, were filed
             with the SEC as part of a Form 10A registration, three annual
             reports on Form 10-K, and seven quarterly reports on Form 10-Q.

          In order to further the illusion that the bogus assets were genuine,
             Simmons confirmed the existence of the fictitious asset by posing
             as an offshore banker in conversations with CCIC s accountant.

          For his role in this fraudulent scheme, Simmons received cash and CCIC
             securities.

          On March 18, 1998, Simmons was indicted in the District of Nevada on
     one count of conspiracy to commit securities fraud, two counts of wire
     fraud, one count of money laundering, and one count of making false

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     statements.  Simmons  indictment was in connection with the same misconduct
     as alleged by the Commission.

          The Commission previously has taken action with respect to Combined
     Companies International Corp.  On May 19, 1997, the Commission issued an
     Order suspending trading in CCIC securities for ten days.  See Securities
     Exchange Act Rel. No. 38653 (May 19, 1997).  On August 13, 1997, the
     Commission revoked the registration of CCIC pursuant to Section 12(j) of
     the Exchange Act.  See Securities Exchange Act Rel. No. 38931 (August 13,
     1997), and Securities Exchange Act Rel. No. 38691 (May 29, 1997).  The
     Commission also has brought enforcement actions against other persons with
     respect to their illegal conduct concerning CCIC.  See SEC v. Barclay
     Davis, et al., Lit. Rel. No. 15600 (December 22, 1997), and SEC v. Merle
     Finkel, Lit. Rel. No. 15286 (March 12, 1997).

          The Commission is cooperating with separate investigations in this
     matter carried on by the United States Attorney's Offices for the District
     of Nevada and the Eastern District of Virginia, and the Criminal
     Investigation Division of the Internal Revenue Service.  

          The Commission's investigation in this matter is continuing.
































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