UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No. 15483 / September 10, 1997

     SECURITIES AND EXCHANGE COMMISSION v. MARK A. RITACCO, ET AL., United
     States District Court for the District of Oregon, Civil Action No. CV '97-
     1307 ST.

                    SEC Sues Oregon Investment Adviser

          The Securities and Exchange Commission today accused a Lake Oswego,
     Oregon investment adviser and former stockbroker of defrauding investors in
     Oregon, Washington and Utah out of more than $1.8 million between 1992 and
     1995.  The Commission today sued Mark A. Ritacco, age 36, in United States
     District Court in Portland.  Ritacco ran an investment advisory business
     known as Integrated Wealth Management, Inc., with offices in Newport and
     Portland, through which he raised money from investors.  Integrated is
     currently known as Oregon Financial Services.

          The complaint alleges that from 1992 to 1993, Ritacco raised 
     $1.6 million from investors by selling high-risk promissory notes that he
     falsely described as being "guaranteed" and "probably safer than a money
     market fund."  In reality, according to the complaint, the notes were
     issued by a series of high risk, start-up companies, which later were
     unable to repay the debts.  The complaint also alleges that from 1993 to
     1995 Ritacco improperly diverted approximately $248,600 in proceeds from
     securities sales on behalf of three companies that he controlled to a
     fourth company that he also controlled.  The complaint names as defendants
     Ritacco and two of his companies, Metro Property Development, Inc., and
     Pacific Property Development, Inc.  The complaint also names as a relief
     defendant Pacific Northwest Housing, Inc., of Vancouver, Washington, an
     unaffiliated real estate development company that received certain loans
     from Ritacco's companies. 

          Ritacco has reached a settlement with the Commission in which he
     consented to the entry of a permanent injunction prohibiting him and his
     two companies from future violations of the federal securities laws.  The
     settlement also requires Ritacco and his companies to repay more than
     $315,000, which represents all funds that are recoverable at this time. 
     These payments will be made by  relief defendant Pacific Northwest Housing,
     which consented to an order directing it to repay certain loans from
     Ritacco's companies over time into a fund for eventual distribution to
     investors.  In the settlement, Ritacco and his companies neither admitted
     nor denied the allegations in the complaint.

          According to the complaint, in May 1992 Ritacco began selling high
     risk promissory notes issued by a series of companies including Immcon,
     Inc., and Pilot Marketing, Inc., both of Spokane, Washington, and JJJ
     Electronics, Inc., of Utah.  At the time, Ritacco was employed as a
     stockbroker by Laney & Company.  Laney fired Ritacco in September 1992 for
     selling the high risk notes 

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     without the firm's approval.  After leaving Laney, Ritacco worked through
     Integrated Wealth Management, the investment advisory firm he owned, where
     he continued to sell the high risk notes to his advisory clients through
     March 1993.  In total, Ritacco sold approximately $1.6 million in
     promissory notes to 45 clients by falsely claiming that the investments
     were safe, insured or bonded and failing to disclose that the companies
     issuing the notes were in fact high risk, start-up ventures.  Immcon, JJJ
     Electronics and Pilot Marketing have each since failed to repay the notes
     and have been dissolved.

          In a separate scheme, the complaint alleges that beginning in June
     1993 Ritacco sold approximately $582,350 in promissory notes on behalf of
     three companies he controlled:  Metro; Pacific; and American Capital
     Holdings.  Ritacco told investors that the proceeds of these notes would be
     used primarily to make loans to Pacific Northwest Housing, the unaffiliated
     real estate development company, and that the loans would be secured by
     residential real estate.  In fact, Ritacco diverted approximately $248,600
     of these funds to another company he controlled.  That company, Secure
     Concepts, failed in its efforts to develop and market an automobile anti-
     theft device and currently has no ongoing operations.

          Ritacco's settlement with the Commission, which currently awaits
     approval by the federal district court, calls for entry of an order: (1)
     enjoining Ritacco, Metro and Pacific from future violations of Section
     17(a) of the Securities Act of 1933; Sections 10(b) and 15(a) of the
     Securities Exchange Act of 1934 and Rule 10b-5 thereunder; (2) enjoining
     Ritacco from future violations of Sections 204, 206(1), 206(2) and 206(4)
     of the Investment Advisers Act of 1940 and Rules 204-1(b)(1) and 206(4)-4
     thereunder; and (3) requiring Ritacco, Metro and Pacific to disgorge their
     illegal profits of $248,600 plus prejudgment interest of $66,613, or a
     total of $315,213.  Disgorgement and prejudgment interest will come from
     Pacific Northwest Housing's repayment of loans it received from Metro and
     Pacific.

          The Commission also announced that following entry of a final judgment
     by the federal district court, it will begin separate administrative
     proceedings against Ritacco and his advisory firm, Integrated Wealth
     Management.  As part of the settlement, Ritacco has consented to the
     issuance of an order in the administrative proceedings revoking
     Integrated's registration as an investment adviser and barring Ritacco from
     participating in the securities industry.

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