SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

Litigation Release No. 17190 / October 16, 2001

   SECURITIES AND EXCHANGE COMMISSION v. BRENDAN J. STERNE, KENT
   ALEXANDER WALKER, and RYAN CAMPBELL DOERSAM, Civil Action No. 01 CV
   8729 (S.D.N.Y.) (filed September 27, 2001)

   FORMER INVESTMENT BANK EMPLOYEE SUSPENDED FROM THE SECURITIES INDUSTRY

   On October 10, 2001, the U.S. District Court for the Southern District
   of New York entered a final judgment against Ryan Campbell Doersam, a
   former employee of a Canadian investment bank, based upon charges of
   insider trading. In its complaint filed on September 27, 2001, the
   Commission alleged that Michael Petrescu-Comnene, who then worked as
   an analyst in the investment banking division of Salomon Smith Barney,
   Inc., tipped Doersam prior to the March 21, 2000 public announcement
   that Travelers Property Casualty Corp. ("Travelers") would be acquired
   by Citigroup in a cash tender offer worth $2.4 billion. Based on this
   tip, and while in possession of material, nonpublic information
   concerning the Travelers acquisition, Doersam purchased 15 Travelers
   call options on the morning of the announcement. When the merger was
   announced later that day, Travelers stock price increased
   approximately 21 percent. Two days later, Doersam sold his Travelers
   options, resulting in profits of $7,875.

   Doersam, without admitting or denying the allegations of the
   Commission's complaint, consented to the entry of the final judgment,
   which permanently enjoins him from violating the antifraud provisions
   contained within Sections 10(b) and 14(e) of the Securities Exchange
   Act of 1934 ("Exchange Act") and Rules 10b-5 and 14e-3 promulgated
   thereunder. The Court also ordered Doersam to pay $8,574.89,
   representing disgorgement of illegal profits and prejudgment interest.
   However, payment of this amount was waived and a civil penalty was not
   assessed against Doersam, based upon his demonstrated inability to
   pay.

   Today, based on the entry of the Court's injunction, the Commission
   also instituted settled administrative proceedings against Doersam
   pursuant to Section 15(b)(6) of the Exchange Act. Without admitting or
   denying the Commission's findings, Doersam consented to the entry of
   the Commission's Order, which suspends him from associating with any
   broker or dealer for a period of 12 months. In the Matter of Ryan
   Campbell Doersam, Administrative Proceeding File No. 3-10622;
   Securities Exchange Act of 1934 Release No. 44939.
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