Release: 4050-97 (97 Civ 5255)

For Release: September 8, 1997

CFTC FILES ANTI-FRAUD ENFORCEMENT ACTION IN NEW YORK FEDERAL COURT
    AGAINST TEMPLER INTERNATIONAL, LTD., WORLDWIDE COMMODITIES LTD.,
    WORLDWIDE'S PRESIDENT WILLIAM SANCHEZ, AND TEMPLER'S PRESIDENT BRIAN
    WILLIS

Defendants Allegedly Solicited Approximately $4 Million from More Than
    300 Customers Nationwide and Misappropriated About $1 Million of Customer
    Funds

WASHINGTON -- The Commodity Futures Trading Commission (CFTC) announced
    the filing of a five-count civil injunctive complaint in the U.S. District
    Court for the Southern District of New York against Templer
    International, Ltd. of New York, N.Y.; Worldwide Commodities
    Ltd. of Nassau, Bahamas; Worldwide's president William Sanchez
    of Staten Island, N.Y.; and Templer's president Brian Willis of New
    York, N.Y., charging them with violating the anti-fraud and registration
    provisions of the Commodity Exchange Act (CEA) and CFTC
    regulations.

The CFTC complaint, filed under seal on July 17, 1997, alleges that the
    defendants committed fraud by making false and misleading representations
    in soliciting customers purportedly to trade in the spot foreign currency
    market, when they, in fact, invested in part in the futures markets, and by
    converting customer funds to their own personal and business uses.

Specifically, the complaint charges that the defendants misappropriated
    approximately $1 million out of approximately $4 million solicited from
    more than 300 customers nationwide. The defendants allegedly embezzled
    customer funds and defrauded customers by diverting customer funds without
    authority, misreporting trading profits, failing to disclose the pooling of
    customer funds, and failing to disclose trading of commodity futures
    contracts in foreign currencies, T-Bonds, the S&P 500 Index, wheat, and
    crude oil, according to the complaint.

In addition, the complaint alleges that the defendants violated the
    CEA's registration provisions by acting as an unregistered commodity pool
    operator and commodity trading advisor.

The defendants' solicitation methods allegedly included "cold calling"
    individuals throughout the country, personally contacting family or
    friends, and mailing promotional literature to potential customers. Among
    other things, the defendants allegedly misrepresented that customers could
    expect a return of 2.5 to 2.8 percent per month, and that Templer's trading
    had a yield of between 40 and 50 percent from January through December 1995
    when, in fact, the majority of customers lost their entire investments,
    according to the CFTC complaint.

In addition, the defendants allegedly made misrepresentations to
    prospective and existing customers regarding the risk of loss by stating,
    among other things, that customers' investments were insured, that the
    practice of day-trading limited investors' portfolio losses, that losses
    were usually no more than $50 per trade, and that a $10,000 investment
    would cease to trade if it fell below $9,000, according to the
    complaint.

The CFTC is seeking preliminary and permanent injunctions prohibiting
    further violations of the CEA. In addition, the CFTC is seeking, among
    other sanctions, disgorgement of ill-gotten gains, restitution to allegedly
    defrauded customers, rescission, and civil monetary penalties in an amount
    of not more than the higher of $100,000 or triple the monetary gain to each
    defendant for each violation of the CEA or CFTC regulation.