UNITED STATES SECURITIES AND EXCHANGE COMMISSION

   SECURITIES EXCHANGE ACT OF 1934
   Release No. 42923 / June 13, 2000

   ADMINISTRATIVE PROCEEDING
   File No. 3-10223

   ADMINISTRATIVE PROCEEDING INSTITUTED AGAINST LAMBERT D. VANDER TUIG

   The Securities and Exchange Commission ("Commission") announced that
   on June 13, 2000, it issued an Order Instituting Public Administrative
   Proceeding (Order) against Lambert D. Vander Tuig (Vander Tuig). The
   Commission's Order alleges that Vander Tuig was enjoined by a United
   States District Court from future violations of Sections 5(a), 5(c)
   and 17(a) of the Securities Act of 1933 and Section 10(b) of the
   Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and that
   the court also ordered Vander Tuig to pay $61,305 in disgorgement and
   imposed $61,305 in civil penalties against Vander Tuig.

   In its complaint in the District Court action, the Commission alleged
   that between December 1995 and September 1996, Vander Tuig engaged in
   an unregistered offering of the stock of Fastlane Footwear, Inc.
   (Fastlane), a manufacturer of casual footwear based in Jackson,
   Michigan. The Commission's complaint also alleges that between June
   26, 1996 and July 8, 1996, Vander Tuig manipulated Fastlane's stock,
   artificially raising the price of the security 56% from its initial
   sale price of $3.12 per share to $4.88 per share by controlling the
   supply for the security and creating artificial demand. According to
   the complaint, Vander Tuig accounted for over 96% of the shares of
   Fastlane stock sold during the relevant period. To create artificial
   demand, the complaint alleged that Vander Tuig falsely represented to
   investors that they were purchasing stock in the aftermarket of an
   initial public offering. Furthermore, the complaint alleges that to
   inflate the price of the stock and create artificial volume, Vander
   Tuig used nominee accounts to engage in fraudulent wash sale
   transactions. Finally, after inflating the price of Fastlane stock,
   the complaint alleges that Vander Tuig dumped the stock, causing his
   nominees to sell the bulk of their shares to retail investors after
   which the price of the security plummeted, reaching its 52-week low of
   $1.25 per share on October 30, 1996.

   A hearing will be scheduled before an administrative law judge to take
   evidence on the staff's allegations and to afford the Respondent an
   opportunity to present any defense thereto. The purpose of the hearing
   is to determine whether the allegations are true and, if so, whether
   any remedial action should be ordered by the Commission.
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