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        UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 14810 / February 2, 1996

SECURITIES  AND EXCHANGE  COMMISSION v.  DAVID M.  CARMICHAEL, ET
AL., (United States  District Court for the  Northern District of
Ohio, Civil Action No. 196 CV 214, filed February 1, 1996)

     The  Securities and  Exchange Commission  (Commission) today
announced the filing of a  Complaint on February 1, 1996, in the
United  States District Court for the  Northern District of Ohio,
Eastern  Division,  seeking  an order  of  permanent  injunction,
disgorgement  and civil  penalties  against David  M.  Carmichael
(Carmichael), Anthony Kohl (Kohl), Chris Adams (Adams) and Robert
Putnam (Putnam).  The Complaint alleges that Carmichael and Kohl
participated in a scheme to sell unregistered securities
inviolation of Sections 5(a), 5(c) and 17(a) of the Securities
Actof 1933 (Securities Act) and Section 10(b) of the
SecuritiesExchange Act of 1934 (Exchange Act) and Rule 10b-5
thereunder. According to the Complaint, Adams and Putnam
mademisrepresentations and omitted to state material facts
toinvestors while selling securities, in violation of Section
17(a)of the Securities Act and Section 10(b) of the Exchange Act
andRule 10b-5 thereunder.

     The Complaint alleges that from 1989 through 1992,Carmichael
and Kohl, the treasurer and controller of Dublin Securities Inc.
(DSI), respectively, participated in a scheme to sell the stock
of McCoy Avionics, Inc. (McCoy) which was not registered with the
Commission.  It alleges that Carmichael and Kohl also
participated in a scheme to manipulate the price of thestock of
McCoy and Dewey's Candy Company (Dewey's).  The Complaint alleges
that during their employment at DSI, Carmichaeland Kohl arranged
the sale of McCoy and Dewey's securities to DSI employees and
their friends and relatives, commonly known as "insiders," and
then arranged the resale of these securities to DSI for sale to
public investors at artificially inflated prices. The Complaint
also alleges that Adams and Putnam, who were brokers for DSI,
purchased Dewey's securities and resold them to DSI for sale to
public investors at artificially inflated prices. Additionally,
the Complaint alleges that Adams and Putnam sold Dewey's
securities to investors and made misrepresentations and omitted
to tell investors material facts in the sale of Dewey's stock.
In fact, the Complaint alleges that the price of the securities
was arbitrarily and artificially set by DSI and that DSI
dominated and controlled the market for Dewey's securities. The