UNITED STATES SECURITIES AND EXCHANGE COMMISSION

   Litigation Release No. 16397 / January 3, 2000

   Securities and Exchange Commission v. Richard H. Ference and Kevin J.
   Kirkbride, 99 Civ. 4028 (LMM) (S.D.N.Y.)

      SEC SETTLES INSIDER TRADING CHARGES AGAINST TWO FORMER NEW YORK
                                  BANKERS

   The Securities and Exchange Commission today announced that on
   December 28 and 29, 1999, the Honorable Lawrence M. McKenna, United
   States District Judge, Southern District of New York, entered final
   judgments of permanent injunction and other relief against defendants
   Kevin J. Kirkbride and Richard H. Ference. These judgments settle a
   civil action filed by the Commission on June 3, 1999, alleging that
   for two years Ference and Kirkbride engaged in an insider trading
   scheme involving over a dozen stocks.

   At the time of the unlawful conduct alleged in the Complaint, Ference
   was a Vice President in the New York office of the Bank of
   Tokyo-Mitsubishi Trust Company, and Kirkbride was employed in the
   Investment Banking Division of Smith Barney, Inc., and its successor
   firm, Salomon Smith Barney, Inc. According to the Complaint, in order
   to hide their trading, the defendants agreed that Ference would do all
   of the trading and that he would pay one-third of the profits to
   Kirkbride, keep one-third for himself, and retain one-third to pay
   taxes. Thereafter, Kirkbride obtained and disclosed confidential
   information to Ference concerning at least thirteen transactions
   contemplated by clients of his employer. Ference then purchased stock
   of those companies involved in these transactions. In addition, both
   Ference and Kirkbride did additional insider trading without telling
   the other. Ference made trades that he did not disclose to Kirkbride,
   and on at least six occasions, Kirkbride made trades through an
   account in his own name that he maintained away from his employer, in
   clear violation of the firm's policies.

   In agreeing to settle this matter, the defendants consented to
   permanent injunctions enjoining them from violating Sections 10(b) and
   14(e) of the Securities Exchange Act of 1934 ("Exchange Act"), and
   Rules 10b-5 and 14e-3 thereunder, without admitting or denying the
   facts alleged in the Commission's Complaint. Defendant Ference was
   ordered to pay disgorgement of $1,030,976.59, and a civil penalty of
   $1,030,976.59, for a total of $2,061,953.18. Defendant Kirkbride was
   ordered to pay disgorgement of $194,557.77, and a civil penalty of
   $50,000, for a total of $244,557.77.

   In addition, earlier today, the Commission instituted and