UNITED STATES SECURITIES AND EXCHANGE COMMISSION

          Litigation Release No. 15684 / March 26, 1998

          SECURITIES AND EXCHANGE COMMISSION v. CHRISTIAN SCHINDLER, a/k/a
          "RUDOLPH GERNER" a/k/a "RUDY GERNER," INTER CAPITAL BROKERAGE,
          INC., INTERCAP FOREX BROKERAGE, INC., and INTER-CAPITAL BROKERAGE
          U.S.A. INC. 98 Civ.1460 (MP) (S.D.N.Y.)

          The Securities and Exchange Commission ("Commission") announced
          that it has obtained a preliminary injunction and other relief
          against an Austrian national and three of his companies, which
          perpetrated, from the United States, a multi-million dollar
          affinity fraud targeted primarily at German-speaking Europeans.
          The order, issued by the United States District Court for the
          Southern District of New York, among other things (1)
          preliminarily enjoins the defendants from committing securities
          fraud, in violation of Section 17(a) of the Securities Act of
          1933, and Section 10(b) of the Securities Exchange Act of 1934
          and Rule 10b-5; (2) continues the previously-ordered freeze of
          the defendants' assets; (3) appoints a permanent receiver over
          the defendants; and (4) directs the defendants to repatriate
          assets transferred overseas.

          The Commission's Complaint in the action names the following
          defendants:

          Christian Schindler, a/k/a "Rudolph Gerner" a/k/a "Rudy Gerner"
          ("Schindler"), who is 35 years of age, and is last known to have
          resided in Miami Beach, Florida.

          Inter Capital Brokerage, Inc. ("ICB"), which falsely holds itself
          out as a large brokerage firm with offices throughout the United
          States, including New York, New York and Miami, Florida.

          Intercap Forex Brokerage, Inc. ("ICF"),  which is incorporated
          under the laws of the Turks and Caicos Islands, British West
          Indies, with offices located in Miami, Florida.

          Inter-Capital Brokerage U.S.A. Inc. ("ICB-USA"), which is
          incorporated under the laws of Delaware and has offices in Miami,
          Florida.

          According to the Complaint:

Schindler, who is using "Gerner" as an alias, was convicted in Germany, in
or about 1995, of felony criminal fraud in the offer, purchase and sale of
securities and commodities to investors, and is permanently enjoined from
violating the antifraud and other provisions of the Commodity Exchange Act.

Since at least October 1996, Schindler, and ICB, ICF, and ICB-USA (the
"Intercap Companies"), three Schindler-controlled entities that are engaged
in the solicitation, pooling and investment of customers' funds in the
securities, commodities and foreign exchange markets, have fraudulently
obtained at least $5.8 million from at least forty European investors.
Schindler and the Intercap Companies, through false and misleading
representations, induce investors to give them money to make various
investments, in or through the Intercap Companies, in, among other things,
United States Treasury bonds, which the defendants refer to as "T-Bonds,"
publicly traded stock which defendants refer to as "S&P stocks," and stock
in one or more of the Intercap Companies.  Schindler and the Intercap
Companies have been misusing the investors' money by, among other things,
transferring investor funds overseas and diverting at least hundreds of
thousands of dollars to the benefit of Schindler and the Intercap
Companies.

Among the false and misleading statements that Schindler and the Intercap
Companies made to investors are misrepresentations or omissions about (1)
Schindler's identity, and his criminal and disciplinary history; (2) the
returns investors would obtain on their investments; (3) the safety and
liquidity of the investments offered; (4) the types of investments
defendants would make with investors' money; and (5) purported troubles
involving the SEC.

          The court issued the preliminary injunction after holding an
          evidentiary hearing on March 23, 1998.  The court heard testimony
          about representations that Schindler and others made from the
          United States concerning the investments they were offering and
          selling.  Although counsel for the Intercap Companies attended
          the hearing and opposed the Commission's application, Schindler
          was absent and has failed to appear in the litigation to date.
          The court found that there was a likelihood that the Commission
          would succeed in proving violations of the antifraud provisions
          of the federal securities laws at any ultimate trial on the
          merits.

          On February 26, 1998, the day the Commission commenced this
          action, the court issued an order temporarily restraining
          defendants from further violating the antifraud provisions of the
          federal securities laws, temporarily freezing defendants' assets,
          and granting other emergency relief pending the determination of
          the Commission's preliminary injunction application.  On March 5,
          1998, the court granted the Commission's application for the
          appointment of Andrew E. Tomback to serve as a temporary receiver
          over the defendants. Pursuant to the preliminary injunction
          order, Mr. Tomback will continue as permanent receiver.  The
          Commission's suit remains pending.