UNITED STATES SECURITIES AND EXCHANGE COMMISSION

          LITIGATION RELEASE NO.  15967 / November 5,  1998

          SECURITIES AND EXCHANGE COMMISSION v. PETER JOSEPH CAMMARANO AND
          CAMMARANO AND ASSOCIATES, INC., H-98-3707, USDC, SD/TX (Houston
          Division)

                   SEC CHARGES BROKER WITH STEALING INVESTOR FUNDS

               On November 4, 1998, the Securities and Exchange Commission
          filed an emergency action to halt the fraudulent activities of
          Peter Joseph Cammarano, a former licensed securities salesman
          who, the Commission charges,  misappropriated up to $1.5 million
          of investor funds, including retirement funds, from at least 24
          investors in the Houston, Texas area.   Judge Sim Lake, federal
          district judge for the Southern District of Texas, granted the
          Commission's request and entered a temporary restraining order
          and asset freeze on November 4 against Cammarano and Cammarano
          and Associates, Inc. (CAI), an unregistered brokerage business
          owned by Cammarano.

               The Commission's complaint alleges that Cammarano solicited
          clients to liquidate or transfer their retirement money and other
          investments to a CAI business account for the stated purpose of
          purchasing securities and other investments in those accounts.
          Cammarano provided his customers with confirmations and account
          statements on CAI letterhead, reflecting that securities or other
          investments had purportedly been purchased for the customers'
          account; however, contrary to Cammarano's representations to his
          clients, Cammarano deposited the clients' funds into bank
          accounts that he controlled.  According to the complaint,
          Cammarano recently misrepresented to an elderly woman that her
          $125,000 transfer of retirement funds into a CAI business account
          would be used to invest in shares of Exxon and money market
          instruments, and solicited $100,000 from another elderly customer
          for the intended purpose of purchasing money market instruments.
          In fact, neither of these investments were ever made.

               The Commission seeks a Court order permanently enjoining
          Cammarano and CAI from engaging in further violations of  Section
          17(a) of the Securities Act of 1933, and Sections 10(b) and
          15(a)(1)of the Securities Exchange Act of 1934, and Rule 10b-5
          thereunder.  The Commission also seeks a sworn accounting of all
          investor funds or assets received by Cammarano and CAI,
          disgorgement of all wrongfully obtained profits, and a payment of
          civil penalties.

               The Commission would like to acknowledge the valuable