Securities and Exchange Commission
Washington, D.C.

Securities Exchange Act of 1934
Release No. 46426 / August 28, 2002

   Administrative Proceeding
   File No. 3-10874

   The Securities and Exchange Commission today instituted public
   proceedings pursuant to Section 15(b) of the Securities Exchange Act
   of 1934 against Joseph Randolph Belew of Jackson, Mississippi.

   In the Order Instituting Proceedings, the Division of Enforcement
   alleges that the Commission filed suit against Belew in September
   1998, alleging that Belew violated the federal securities laws,
   including the antifraud provisions, in his operation of a registered
   broker-dealer that he co-owned. Specifically, the Order states that
   the Commission's complaint alleged that Belew, a registered
   representative of a broker-dealer, among other things, misappropriated
   customer funds and aided and abetted the broker-dealer's failure to
   maintain required net capital and accurate books and records. The
   Order also alleges that Belew consented to a permanent injunction
   against future violations of the federal securities laws in the
   underlying civil injunctive action brought by the Commission and that
   such injunctive relief was ordered by the court on July 31, 2002.

   A hearing will be scheduled before an administrative law judge to
   determine whether the allegations contained in the Order are true, to
   provide Belew an opportunity to dispute these allegations, and to
   determine what sanctions, if any, are appropriate and in the public
   interest. (See (September 2, 1998)
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Modified 08/29/2002