SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.

             Litigation Release No. 15979/November 18, 1998

             SECURITIES AND EXCHANGE COMMISSION v. ANTHONY GIANNINOTO AND
             EILEEN LAINE, 98 Civ. 5207 (MTB)(D.N.J.)

                  The Commission announced that it filed today a second
             Complaint in federal court in Newark, New Jersey charging
             two additional people in connection with a Ponzi scheme
             through which more than 1700 investors were defrauded of
             over $100 million. In its first Complaint, filed in March
             1997, the Commission charged First Interregional Equity
             Corporation ("FIEC"),  First Interregional Advisors
             Corporation ("FIAC") and Richard Goettlich, the president of
             FIEC and FIAC, with securities fraud in connection with the
             offer and sale of securities in the form of assignments of
             equipment leases.  Named in the Complaint filed today are:

                  Anthony Gianninoto, a 50 year old resident of
             Tewksbury, New Jersey, who, during the time period of the
             events alleged in the Complaint, was FIEC's controller and
             financial operations principal and FIAC's vice president,
             secretary and treasurer; and

                  Eileen Laine, a 46 year old resident of Millburn, New
             Jersey, who, during the time period of the events alleged in
             the Complaint, was the data processing manager at FIEC and
             worked at FIAC in a similar capacity.

                  The Complaint alleges that Anthony Gianninoto and
             Eileen Laine were major participants in the fraud in which
             FIAC, FIEC and their principals sold to investors all right,
             title and interest in equipment leases that had already been
             sold or were going to be sold to other investors.  The
             Complaint further alleges that, in conjunction with others
             at FIAC, Anthony Gianninoto planned the multiple sale of
             lease assignments, supervised the creation and dissemination
             of materially false documents that were sent to investors
             and coordinated the financial aspects of the fraud to ensure
             that it would go undetected.  The Complaint alleges that
             Eileen Laine falsified FIEC's internal books and records,
             created and disseminated to investors materially false and
             misleading documents, and diverted money that had been
             provided by investors to purchase lease assignments.  From
             in or about 1992 through March of 1997, FIEC and FIAC sold
             nearly $300 million from the sale of lease assignments
             investors--a sum that exceeded by more than $100 million the
             value of those securities that FIAC and FIEC had to sell.

                  The Complaint also alleges that Anthony Gianninoto and
             Eileen Laine committed securities fraud in connection with a
             second scheme in which investor bonds were misappropriated
             in order to generate money to fund the lavish life styles of
             FIEC and FIAC principals and employees, including Gianninoto
             and Laine.  The Commission alleges that over $20 million in
             bonds were misappropriated from the accounts of FIEC
             customers and that, in an effort to perpetuate this fraud,
             Anthony Gianninoto and Eileen Laine kept track of the
             misappropriated bonds and diverted illegal proceeds in a
             manner that led investors to think that the bonds were still
             in their accounts and that they were receiving their monthly
             interest payments.  In addition, the Complaint alleges that
             Anthony Gianninoto and Eileen Laine created and disseminated
             to investors materially false documents, including customer
             account statements, and illegally altered the books and
             records of FIEC and FIAC.

                  As a result of the foregoing, the Commission alleges
             that Anthony Gianninoto and Eileen Laine violated Section
             17(a) of the Securities Act of 1993, 15 U.S.C. 77q(a),
             Section 10(b) of the Securities Exchange Act of 1934, 15
             U.S.C. 78j(b) and Rule 10b-5, 17 C.F.R. 240.10b-5.  The
             Commission further alleges that pursuant to Section 20(f) of
             the Exchange Act, 15 U.S.C. 78t(f), Anthony Gianninoto and
             Eileen Laine are liable for aiding and abetting certain
             books and records violations under Section 17(a) of the
             Exchange Act and Rules 17a-3 and 17a-11, thereunder.  The
             Commission seeks a Final Judgment against Anthony Gianninoto
             and Eileen Laine: (i) enjoining them from future violations
             of the above-cited provisions; (ii) directing a verified
             accounting; (iii) requiring the disgorgement of all of their
             ill-gotten gains, plus pre-judgment interest; and (iv)
             assessing civil penalties against them.

                  The litigation is pending as to all defendants.

                  For more information see Litigation Release No. 15276.