UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934
Release No. 46358 / August 15, 2002

   ADMINISTRATIVE PROCEEDING
   File No. 3-10865

            PUBLIC ADMINISTRATIVE PROCEEDINGS INSTITUTED AGAINST
                      JOSEPH ORLANDO AND VICTOR SAMAHA

   On August 15, 2002, the Commission issued an Order Instituting Public
   Administrative Proceedings Pursuant to Section 15(b) of the Securities
   Exchange Act of 1934 (Order) against Joseph Orlando and Victor Samaha
   (Respondents). In the Order, the Division of Enforcement alleges that
   after a jury trial each Respondent was convicted of one count of
   conspiracy to commit securities fraud, a felony, and seven substantive
   counts of securities fraud, all felonies, and that judgments of
   conviction have been entered against them. United States v. Joseph
   Orlando, Criminal Case No. 98-414-08 (D. N.J. 1998) and United States
   v. Victor Samaha, Criminal Case No. 98-414-06 (D. N.J. 1998).

   In the criminal cases, the U.S. Attorney for the District of New
   Jersey alleged in the indictment that the Respondents, while employed
   as stockbrokers and in various supervisory positions at L.C. Wegard &
   Co., Inc., a broker dealer whose registration was subsequently
   revoked, participated in a conspiracy to commit securities fraud by
   inducing unsuspecting investors to purchase speculative high risk
   securities through the use of fraudulent and deceptive sales
   practices, and by concealing such practices from regulatory
   authorities. The Respondents worked in various offices of L.C. Wegard
   located in Monroeville, Pennsylvania, Princeton, New Jersey and
   Providence, Rhode Island.

   A hearing will be scheduled before an administrative law judge to
   determine whether the allegations contained in the Order are true, to
   provide the Respondents an opportunity to dispute these allegations,
   and to determine what sanctions, if any, are appropriate and in the
   public interest.

   This is the third administrative proceeding instituted by the
   Commission against individuals convicted in the conspiracy, one of
   whom consented to the issuance of a Commission Order barring him from
   association with any broker or dealer. In the Matter of Mark
   McDermott, Admin. Pro. No. 3-10707, Exchange Act Release No. 45461
   (February 20, 2002). Thirteen others were named as respondents in
   another administrative proceeding, In the Matter of John Adams, et
   al., Admin. Pro. No. 3-10702, Exchange Act Release No. 45455