UNITED STATES OF AMERICA
before the
SECURITIES AND EXCHANGE COMMISSION

   Securities Exchange Act of 1934
   Release No. 42080 / November 1, 1999

   Accounting and Auditing Enforcement
   Release No. 1199 / November 1, 1999

   Administrative Proceeding
   File No. 3-9846
____________________________________

         In the Matter of
                                      ORDER MAKING
      JEFFREY L. HARFST,WILLIAM R.    FINDINGS, IMPOSING
       HEBEL and JOSEPH E. MUEHL      REMEDIAL SANCTIONS
                                      AND CEASE-AND-DESIST
                                      ORDER AS TO JEFFREY L.
                                      HARFST
           Respondents.
____________________________________

   I.

   Jeffrey L. Harfst has submitted an Offer of Settlement for the purpose
   of disposing of the issues raised by these proceedings. Solely for the
   purposes of these proceedings and any other proceedings brought by or
   on behalf of the Commission or to which the Commission is a party, and
   prior to hearing and without admitting or denying the findings set
   forth herein, Harfst consents to the entry of this Order Making
   Findings, Imposing Remedial Sanctions and Cease-and-Desist Order as to
   Jeffrey L. Harfst ("Order"). The Commission has determined that it is
   appropriate and in the public interest to accept the Offer of
   Settlement from Harfst, and accordingly is issuing this Order.
   II. Facts

   Based on the foregoing, the Commission finds that

A. Respondent

   , age 59, at all relevant times, was an Executive Vice President and
   co-Chief Financial Officer at The Nikko Securities Co. International,
   Inc. ("Nikko"). Nikko is a broker-dealer registered with the
   Commission pursuant to Section 15 of the Securities Exchange Act of
   1934 ("Exchange Act") and is a wholly-owned subsidiary of The Nikko
   Securities Co. Ltd.