FOR RELEASE:  JULY 10, 1991


             FTC SETTLEMENTS IN PRECIOUS METALS CASE
                    INCLUDE TELEMARKETING BAN
                      AND CONSUMER REDRESS


     A proposed consent judgment incorporating agreements between
the Federal Trade Commission, a Florida corporation and its
president would prohibit misrepresentations, impose bans on most
of the defendant president's investment telemarketing activities
and require payment of $67,500 for consumer redress.  The 1989
complaint, settled by this agreement, charged defendants with
misrepresenting the risk of investing in precious metals and with
failing to execute clients' sell orders.

     The proposed judgments, if approved by the court, would
settle FTC charges against Uni-Vest Financial Services, Inc.,
based in Deerfield Beach, Florida, and Charles P. Hoffecker.

     Among the specific charges in the complaint are allegations
that these defendants, among several others, charged consumers
fees and costs higher than, or in addition to, what they promised
to charge for investing in precious metals.  The defendants also
claimed that their precious metals were a low-risk investment
when, in fact, many customers lost all or a substantial part of
their investment, the complaint said.  In addition, the defen-
dants claimed they would seek permission from clients before
executing buys and sells, but then purchased metals on behalf of
consumers and at their expense without their permission, and
failed to execute consumers' sell orders quickly, according to
the complaint.

                                
                            - more -

UNI-VEST--07/10/91)


     The proposed consent judgments, filed in U.S. District Court
Friday, would prohibit misrepresentations, including the kind
alleged in the complaint.  In addition, Hoffecker would pay
$67,500, be permanently banned from telemarketing leveraged
investments in precious metals, banned for five years from
telemarketing non-leveraged investments in precious metals, and
banned from all forms of investment telemarketing for two years.

     (As an exception to the telemarketing bans, the proposed
judgment would permit Hoffecker to market by telephone investment
products, except precious metals to be purchased in part or whole
with financing, in the regulated futures and securities
industries if he has a valid National Futures Association of
Securities Dealers license, and as long as his telemarketing
activities are conducted within the scope of that license.)

     Once the funds are received by the FTC, the agency will
decide on a plan to distribute them to consumers who fell victim
to the alleged deceptive practices.

     The proposed consent judgments were filed in the U.S.
District Court for the Southern District of Florida, in Miami,
and are subject to the court's approval.  The FTC's Atlanta
Regional Office handled the investigation in this case.

NOTE:  These consent judgments are for settlement purposes only
and do not constitute admissions by the defendants that they
violated the law.  Consent judgments have the force of law when
signed by the judge.

     Copies of the consent judgments are available from the FTC's
Public Reference Branch, Room 130, 6th Street and Pennsylvania
Avenue, N.W., Washington, D.C. 20580; 202-326-2222; TTY 202-326-
2502.

                              # # #

MEDIA CONTACT:      Donald Elder, Office of Public Affairs
                    202-326-2161

STAFF CONTACT:      Paul K. Davis, Atlanta Regional Office
                    1718 Peachtree Street, N.W., Room 1000
                    Atlanta, GA  30367
                    404-347-4836

(Civil Action No. 89-6382 Civ-Moreno)

(Uni-Vest)