FOR IMMEDIATE RELEASE

CRM

TUESDAY, JUNE 30, 1998

(202) 514-2008

TDD (202) 514-1888

ALASKA BUSINESSWOMAN PLEADS GUILTY

IN AIRLINE TICKET DISCOUNT SCHEME

WASHINGTON, D.C. A Fairbanks, Alaska, businesswoman

pleaded guilty today in federal court to a discount airline
ticket scheme in which more than 1,100 creditors lost more than
$10 million.

Raejean S. Bonham, 48, of Fairbanks, Alaska appeared before

Judge Holland of the U.S. District Court of Alaska and entered
guilty pleas to mail fraud and money laundering.

Bonham was indicted in October of 1997 for mail fraud and

money laundering.

Bonham owned and operated Atlantic Pacific Funding

Corporation and World Plus, Inc., a business in Fairbanks selling
to the public discounted airline tickets obtained from ticket
brokers. Bonham and her businesses were forced into bankruptcy
in December of 1995 and more than 1100 creditors have filed
claims. According to the bankruptcy trustee the net loss to the
investors exceeds $10 million.

The indictment alleges that from about 1989 through 1995,

Bonham, as part of a Ponzi or pyramid scheme, and based on false
and fraudulent representations, offered and sold to individual
investors interest bearing contracts. The indictment alleges
that Bonham falsely represented that because World Plus was in
the frequent flyer ticket business banks would not lend money to
the company creating the need to raise money from individual
investors; that the money invested would be used to purchase
large blocks of frequent flyer miles from multi national
corporations; that the investments were "guaranteed", "bonded",
and /or "insured"; and that there were a limited number of
investors. The indictment also alleges that Bonham concealed
from investors the fact that Delta Airlines had obtained court
orders restraining her and World Plus from dealing in Delta
tickets; that the State of Alaska regulated the "contracts" she
was selling; that a portion of the investment would be used for
personal expenses and purchases; and a significant portion of the
individual's investment would be used to repay other investors
thereby maintaining her Ponzi or pyramid scheme.

Sentencing was set for September 23. Mail fraud has a

maximum penalty of five years imprisonment and a fine of up to
$250,000. Money laundering has a maximum penalty of 20 years
imprisonment and a fine of up to $500,000. Bonham will be
sentenced according to the federal sentencing guidelines.

The case is being prosecuted by Joseph S. Beck of the

Criminal Division, Fraud Section in Washington, D.C. assisted by
Rae Randall of the U.S. Attorney's Office for the District of
Alaska. Randall has been appointed a Special Attorney for the
Department of Justice. Special Agents of the Internal Revenue
Service, Criminal Investigation Division and the Federal Bureau
of Investigation investigated the case.

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