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                     UNITED STATES OF AMERICA
                           Before the
                SECURITIES AND EXCHANGE COMMISSION

Securities Exchange Act of 1934
Release No. 37733 / September 26, 1996

Administrative Proceeding File No. 3-9103

IN THE MATTER OF H. RALPH SYLVESTER, DONALD R. KRUEGER AND JOHN
C. HAWVER

The Securities and Exchange Commission has issued an order
instituting public administrative proceedings pursuant to
Sections 15(b) and 19(h) of the Securities Exchange Act of 1934
("Exchange Act").  The Order alleges that H. Ralph Sylvester
("Sylvester"), Donald R. Krueger ("Krueger") and John C. Hawver
("Hawver") willfully violated certain registration and anti-fraud
provisions of the federal securities laws in the offer and sale
of over $1.7 million worth of Canadian Trade Bank, Ltd. ("CTB")
"certificates of deposit" ("CDs").  The CDs were purportedly
issued by CTB which, according to the respondents, was a bank
located in the country of Grenada.  In the offer and sale of the
CDs, the respondents made material misrepresentations and failed
to disclose material facts to investors regarding, among other
things, the existence of a legitimate bank, the safety of the
investment and the use of proceeds.  As a result of their scheme,
Sylvester, Krueger and Hawver personally profited by at least
$24,000, $11,000 and $11,000, respectively.

The Order further alleges that on August 7, 1996, a U.S. District
Court permanently enjoined Sylvester, Krueger and Hawver from
engaging in conduct violative of Sections 5(a), 5(c), 17(a)(1),
17(a)(2) and 17(a)(3) of the Securities Act of 1933 ("Securities
Act"), Sections 10(b) and 15(a)(1) of the Exchange Act and Rule
10b-5 thereunder.

A public hearing will be held to determine whether the
allegations against Sylvester, Krueger and Hawver are true, to
offer them an opportunity to establish any defenses to such
allegations and to determine what remedial action, if any, is
appropriate.