SECURITIES AND EXCHANGE COMMISSION


     Litigation Release No. 15459 / August 26, 1997

     SEC v. Biltmore Securities, Inc., et al., No. 93-6837 (S.D. Fla.)

          The Commission announced that on August 11, 1997, the Honorable
Jose
     Gonzalez, United States District Judge for the Southern District of
     Florida, entered a final judgment ("final judgment"), by consent,
against
     registered representatives Robert Alan Denton ("Denton"), Jeffrey
Peter
     Morrison ("Morrison"), Lee Michael Rough ("Rough"), Marc David Siden
     ("Siden") and Kenneth Thomas Tripoli ("Tripoli") (collectively
     "Defendants"), all currently or formerly associated with registered
broker-
     dealer Biltmore Securities, Inc. ("Biltmore").

          The final judgment enjoins Tripoli from future violations of the
anti-
     fraud provisions of the securities laws, and orders all five
Defendants
     jointly and severally to disgorge approximately $572,000,
representing
     commissions received in connection with Defendants' alleged violative
     conduct, and to pay prejudgment interest thereon totalling
approximately
     $85,000.  The final judgment also orders the Defendants individually to
pay
     civil money penalties as follows: (a) Tripoli to pay $100,000; (b)
Rough to
     pay $75,000; (c) Denton to pay $75,000; (d) Morrison to pay $75,000;
(e)
     Siden to pay $50,000.

          The Commission's amended complaint, filed in October 1994,
alleged
     violations of Section 17(a) of the Securities Act of 1933
("Securities
     Act"), and Sections 10(b) and 15(c) of the Securities Exchange Act of
1934