FOR IMMEDIATE RELEASE                             2002-45
                              
                              
      SEC SEEKS CONTEMPT ORDER AGAINST REPEAT OFFENDER
        FOR ALLEGED VIOLATIONS OF PREVIOUS INJUNCTION
                              
         FEDERAL JUDGE FREEZES RESPONDENTS’ ASSETS,
                 SCHEDULES CONTEMPT HEARING

      Washington,  DC, March 27, 2002 - The  Securities  and
Exchange Commission has filed a contempt action and obtained
emergency  relief against Roc G. Hatfield  and  his  Florida
company,  Global Diamond Fund Inc. According  to  the  SEC’s
court  papers,  Hatfield and GDF are  fraudulently  offering
unregistered  securities to potential investors  in  blatant
disregard  of  prior permanent injunctions and  the  federal
securities laws.

      The  court granted the Commission’s request for orders
temporarily  freezing  Hatfield’s  and  GDFs’   assets   and
appointed  a receiver to take control of GDF. The Commission
is also seeking to have Hatfield and GDF held in contempt of
court and ordered to disgorge all profits they received from
the offer and sale of GDF securities.

      According to the SEC’s contempt application,  Hatfield
and  GDF  are  fraudulently selling high yield notes  in  an
unregistered offering, purportedly secured by diamonds,  and
claiming  to offer a return of 24% in nine months.  Although
GDF’s  offering  materials contain glowing  descriptions  of
Hatfield’s  background,  they conceal  Hatfield’s  extensive
history  of  violating the securities  laws,  including  two
separate    injunctions   (one   involving    a    purported
international mining company) previously entered against him
in  cases  brought by the SEC.  Hatfield was  most  recently
enjoined  by a federal court in Tampa on Sept. 8,  1995,  in
SEC  v. Marada Global Corporation, Marada Capital, Inc.  and
Roc  G.  Hatfield, Case No. 94-1504-CIV-T-21A. The  contempt
application also alleges that GDF’s offering materials  fail
to disclose that its “chief diamond buyer,” Jack Paulsen, is
also a recidivist securities law violator.

      The  final  judgment  in  the  Marada  action  enjoins
Hatfield  from, among other things, violating the  antifraud
and   securities  registration  provisions  of  the  federal
securities  laws.   The  SEC  has  also  previously   barred
Hatfield from the securities industry.  Several states  have
also  taken  enforcement actions against  Hatfield,  and  he
served  jail  time  in California after pleading  guilty  to
criminal  fraud, false pretenses, and the unlawful  sale  of
securities.
      David Nelson, Regional Director of the SEC’s Southeast
Regional  Office in Miami, said that the SEC’s action  shows
its   commitment   to  protecting  investors   from   serial
securities laws violators.
     
     “The SEC’s civil injunctive authority is one of its
most important regulatory tools, and this action re-
emphasizes the agency’s intent to take prompt action against
those who ignore court orders and try again to violate the
federal securities laws,” Nelson said.

      U.S.  Dist. Judge Richard A. Lazzara of Tampa  granted
the  SEC’s  contempt  application.  The Court  ordered  that
Hatfield and GDF show cause at a hearing on April 26,  2002,
why  they  should not be held in civil contempt.  The  Court
also  ordered  GDF  to  provide an  accounting  within  five
business days of all funds it received from the sale of  GDF
securities.

Contact:   John  C.  Mattimore, Assistant Regional  Director
(305) 982-6357


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