U.S. SECURITIES & EXCHANGE COMMISSION

Litigation Release No. 17765 / October 2, 2002

   Securities and Exchange Commission v. J.W. Barclay & Co., Inc., and
   John A. Bruno, Civil Action No. 02CV3164, United States District Court
   for the District of New Jersey (filed July 1, 2001)

   The Securities and Exchange Commission announced that on July 1, 2002,
   it filed with the United States District Court for the District of New
   Jersey an Application for an Order Directing Compliance With an Order
   of the Securities and Exchange Commission Under Section 21(e) of the
   Securities Exchange Act of 1934. The Commission's Application alleges
   that J.W. Barclay and Co., Inc. and John Bruno, its president,
   Executive Officer and controlling shareholder, failed to comply with
   the terms of the Commission's October 15, 2001 Opinion and Order
   Imposing Remedial Sanctions, which among other things, required J.W.
   Barclay & Co. to pay a $25,000 civil penalty within 30 days of the
   entry of the Order. In its October 15, 2001 Opinion and Order, the
   Commission found, among other things, that J.W. Barclay had willfully
   violated Section 17(a) of the Securities Exchange Act of 1934 and Rule
   17a-5 thereunder, by failing to timely file all or part of its Form
   BD-Y2K. In this action, the Commission specifically seeks compliance
   from J.W. Barclay & Co., Inc. and John Bruno with the Commission's
   Order to pay a $25,000 civil penalty.

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Modified 10/03/2002