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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Securities Exchange Act of 1934
Release No. 36734 / January 18, 1996

Administrative Proceeding File No. 3-8929


IN THE MATTER OF GEORGE J. CONWAY

The Securities and Exchange Commission has issued an order
instituting public administrative proceedings pursuant to
Sections 15(b) and 19(h) of the Securities Exchange Act of 1934
("Exchange Act").  The Order alleges that George J. Conway
("Conway") willfully violated certain registration and anti-
fraud provisions of the federal securities laws in the offer and
sale of over $15 million worth of Canadian Trade Bank, Ltd.
("CTB") "certificates of deposit" ("CDs").  The CDs were
purportedly issued by CTB which, according Conway, was a bank
located in the country of Grenada.  In the offer and sale of the
CDs, Conway made material misrepresentations and failed to
disclose material facts to investors regarding, among other
things, the existence of a legitimate bank, the safety of the
investment and the use of proceeds.  As a result of the scheme,
Conway personally profited by at least $240,000.

The Order further alleges that on September 15, 1995, a U.S.
District Court permanently enjoined Conway from engaging in
conduct violative of Sections 5(a), 5(c), 17(a)(1), 17(a)(2) and
17(a)(3) of the Securities Act of 1933 ("Securities Act"),
Sections 10(b) and 15(a)(1) of the Exchange Act and Rule 10b-5
thereunder.  The Order also alleges that Conway has been
convicted of felonies involving the fraudulent offer and sale of
securities.

A public hearing will be held to determine whether the
allegations against Conway are true, to offer him an opportunity
to establish any defenses to such allegations and to determine
what remedial action, if any, is appropriate.