SECURITIES AND EXCHANGE COMMISSION
                                BOSTON, MASSACHUSETTS

          LITIGATION RELEASE NO.   16048 / January  27, 1999

          SECURITIES AND EXCHANGE COMMISSION v. CARLO  D’ALELIO (United
          States District Court for the District of Massachusetts, C.A. No.
          97CV12160-JLT)

               The Commission announced today that on January 8, 1999, the
          Honorable Joseph L. Tauro, United States District Chief Judge for
          the District of Massachusetts, issued a Final Judgment of
          Permanent Injunction against Carlo D’Alelio ("D’Alelio").
          D’Alelio, who consented to the relief without admitting or
          denying the Commission’s allegations, was enjoined from future
          violations of the antifraud and reporting provisions of the
          federal securities laws.

               The Commission's complaint alleged that, between November
          1992 and December 1993, while registered with the Commission as
          an investment adviser, D’Alelio misappropriated more than $50,000
          from clients and used the funds to pay his own personal expenses.
          According to the complaint, D’Alelio also made material omissions
          in his application for investment adviser registration by failing
          to disclose disciplinary proceedings then pending against him.
          The complaint further alleged that D’Alelio subsequently failed
          to amend his registration to disclose sanctions imposed on him by
          the Massachusetts Securities Division and the National
          Association of Securities Dealers, Inc. and that he failed to
          file annual reports with the Commission.

               The Final Judgment also ordered D’Alelio to disgorge
          $50,106, payment of all but $5,000 of which was waived, and did
          not impose a civil penalty based upon D’Alelio’s demonstrated
          financial inability to pay.  The statutory sections that D’Alelio
          is enjoined from violating are Section 17(a) of the Securities
          Act of 1933, Section 10(b) of the Securities Exchange Act of 1934
          and Rule 10b-5 thereunder, and Sections 204, 206(1), 206(2),
          206(4) and 207 of the Investment Advisers Act of 1940 and Rules
          204-1(b), 206(4)-2 and 206(4)-4 thereunder.

               On January 27, 1999, based on the entry of the injunction,
          the Commission entered an order revoking D’Alelio’s registration
          as an investment adviser and barring D’Alelio from association
          with any broker, dealer, municipal securities dealer, investment
          adviser or investment company.   D’Alelio consented to the
          Commission’s Order.