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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     LITIGATION RELEASE NO. 14831 / March 4, 1996



     SEC v. Samuel L. Williams, Civil Action No. 95-8384-CIV-
     HURLEY (S.D. Fla.)

     The Securities and Exchange Commission ("Commission")
     announced that on February 8, 1996, the Honorable Daniel T.
     K. Hurley entered a final judgment of permanent injunction,
     by consent, against Samuel L. Williams ("Williams"), a
     former registered representative of a registered broker-
     dealer.

     The final judgment enjoins Williams from violating Section
     17(a) of the Securities Act of 1933 ("Securities Act"), 15
     U.S.C.  77e(a), and Section 10(b) of the Securities
     Exchange Act of 1934 ("Exchange Act"), 15 U.S.C.  78j(b),
     and Rule 10b-5, 17 C.F.R.  240.10b-5, promulgated
     thereunder.

     The Complaint alleged that between March 15, 1991 and May
     13, 1992, Williams, while associated as a registered
     representative, falsely represented to investors that he
     would invest their money in mutual funds and/or other
     securities, when, in fact, he used the money to pay for his
     own personal expenses and to make personal investments.  In
     total, the Complaint alleged that Williams misappropriated
     approximately $1.5 million from eight investors.  The
     Complaint further alleged that Williams concealed the scheme
     by, among other things, mailing customers false brokerage
     account statements showing fictitious purchases of
     securities.

     Based upon Williams' demonstrated financial inability to pay
     payment of disgorgement in the amount of $1,513,327 was
     waived
     and civil penalties were not ordered. For further
information,   see Litigation Release No. 14554.