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                SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.

Securities Act of 1933 
Release No.  7305 / June 25, 1996

Securities Exchange Act of 1934 
Release No. 37362 / June 25, 1996      

Administrative Proceeding File No. 3-9031

In the Matter of Vytas Jonusas

     The Securities and Exchange Commission ("Commission") today
announced that the Commission issued an Order Instituting
Proceedings, and Notice of Hearing Pursuant to Section 8A of the
Securities Act of 1933 and Section 21C of the Securities Exchange
Act of 1934 against Vytas Jonusas to determine whether Jonusas
violated Section 17(a)(1) and (a)(3) of the Securities Act and
Section 15(a) of the Exchange Act. 

     The Order alleges that, beginning in approximately January
1994,  Jonusas entered into an arrangement with Rossan
Enterprises, an informal partnership, to provide investors with
information to regarding investments in non-existent prime bank
instruments pursuant to a "Private High Yield Investment/Roll
Program" (the "Program").  The Order further alleges that Jonusas
forwarded the offering materials to at least 24 individuals
and/or entities.  The offering materials contained
misrepresentations regarding, among other things, the profits
that could be earned from investments in the Program.  The Order
further alleges that such conduct violated Section 17(a)(1) and
(a)(3) of the Securities Act prohibiting fraud in connection with
the offer and sale of securities and Section 15(a) of the
Exchange Act, which prohibits making use of the mails to induce
transactions in securities without being registered as a broker
or dealer.