Court Clears SIPC to Step in to Deal with Missing $4.5 Millon at Colorado Brokerage Firm

WASHINGTON, D.C. - February 7, 2003 - The Securities Investor Protection Corporation (SIPC), which maintains a special reserve fund authorized by Congress to help investors at bankrupt brokerage firms, announced today that the U.S. District Court for the District of Colorado has appointed a trustee to liquidate Rocky Mountain Securities and Investments, Inc., in the wake of the discovery that $4.5 million is unaccounted for at the Denver-based brokerage firm.

SIPC will protect the estimated 1,400 investors who have done business through Rocky Mountain Securities and Investments under the federal Securities Investor Protection Act (SIPA) of 1970.

Yesterday, Federal Judge Marsha Krieger appointed Denver attorney John D. Shively as the trustee for liquidation of the firm and also named the Denver law firm of Faegre & Benson as counsel to the trustee. Rocky Mountain Securities and Investments customers can reach the trustee at (303) 607-3500.

In addition to claim forms that will be provided by U.S. mail, information about the SIPC liquidation proceeding will be available online at http://www.sipc.org.

At this time, no further details about the liquidation proceeding are available to the media from SIPC or the trustee, pending the outcome of the investigation. New details, including developments in the liquidation proceeding, will be made available on a timely basis in future weeks.