UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No. 15748 /     May 19, 1998


     S.E.C. v. RCS FINANCIAL SERVICES, INC. et al. (U.S.D.C. for the Northern
     District of Ohio, Civil Action No. 98 CV 1047) 

          The Securities and Exchange Commission announced that it obtained an
     Order of Preliminary Injunction and Other Equitable Relief (Order), by
     consent, against RCS Financial Services, Inc. (RCS), Emissary Financial
     Group, Inc. (Emissary), Gregory D. Shefchuk (Greg Shefchuk) and Robert C.
     Shefchuk (Robert Shefchuk).  The Order, entered on May 6th, 1998, enjoins
     RCS, Emissary, Greg Shefchuk and Robert Shefchuk from engaging in future
     violations 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 thereunder.  The
     Order also enjoins RCS from engaging in, and Greg Shefchuk and Robert
     Shefchuk from aiding and abetting, any future violations of Section 204 of
     the Investment Advisers Act of 1940 (Advisers Act) and Rule 204-2(a)
     thereunder and Sections 206(1), 206(2) and 206(4) of the Advisers Act and
     Rule 206(4)-2(a) thereunder.  In addition, the Order imposes an asset
     freeze against RCS, Greg Shefchuk, and Robert Shefchuk and prohibits all
     defendants from engaging in the alteration or destruction of documents. 

          The Commission's complaint alleged that from approximately December
     1996 through February 1998, the defendants misappropriated at least
     $500,000 to $1.1 million in funds owed to RCS' advisory clients and
     Emissary's brokerage customers.  The complaint alleges that, in order to
     conceal their misappropriations, the defendants prepared and issued false
     account statements to their clients and customers, and engaged in the
     destruction of financial records.  The complaint also alleges that RCS,
     aided and abetted by Greg Shefchuk and Robert Shefchuk, failed to keep, and
     to produce to the Commission, records required under the Advisers Act.  


















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