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        UNITED STATES SECURITIES AND EXCHANGE COMMISSION

LITIGATION RELEASE NO. 14802 / January 30, 1996

SECURITIES AND EXCHANGE COMMISSION v. JOHN S. GRIFFIN, ET AL.
(United States District Court for the Eastern District of
Pennsylvania, Civil Action No. 96-CV-0645)

     The Securities and Exchange Commission ("Commission")
announced the filing of a Complaint on January 30, 1996, in U.S.
District Court for the Eastern District of Pennsylvania against
John S. Griffin ("Griffin") and Oliver- Griffin, Ltd. ("Oliver-
Griffin").  The Complaint alleges that Griffin and
the entity through which he operated, Oliver-Griffin, violated
Section 17(a) of the Securities Act of 1933, Sections 10(b) and
15(a)(1) of the Securities Exchange Act of 1934 and Rule 10b-5
thereunder.  The Complaint seeks permanent injunctive relief
against Griffin and Oliver-Griffin, and disgorgement together
with prejudgment interest.

     The Complaint alleges that from October 1990 to January
1995, Griffin, acting through Oliver-Griffin, engaged in a
fraudulent scheme wherein he induced seven customers to invest at
least $390,124 under the pretense that he would use the funds to
purchase securities for them through Oliver-Griffin.  Rather than
purchase the securities, Griffin misappropriated the money and
used the funds, in part, to pay his personal living expenses and
debts.  In furtherance of the scheme, Griffin made false and
misleading statements and omitted to state material facts
concerning, among other things, the use of customer funds; the
value and existence of securities reflected on customer account
and confirmation statements; and Oliver-Griffin's status as a
registered broker-dealer.  Griffin had been the vice-president
and director of Oliver-Griffin since its inception in January
1990, and had been solely responsible for the firm's operations.
Neither Griffin nor Oliver-Griffin has ever been registered with
the Commission as a broker or dealer.

     Simultaneously with the filing of the Complaint, Griffin and
Oliver-Griffin consented, without admitting or denying the
allegations in the Complaint, to a Final Judgment and Order
enjoining them from future violations of the sections charged;
and ordering them to disgorge $390,124, together with prejudgment
interest in the amount of $72,011.