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                     UNITED STATES OF AMERICA
                           before the 
                SECURITIES AND EXCHANGE COMMISSION



SECURITIES EXCHANGE ACT OF 1934
Release No. 37709 / September 23, 1996

Administrative Proceedings File No. 3-9090

         PROCEEDINGS INSTITUTED AGAINST STANLEY L. SWOYER

     The Commission instituted public administrative proceedings
pursuant to Sections 15(b) and 19(h) of the Securities Exchange
Act of 1934 against Stanley L. Swoyer, (Swoyer) of Frederick,
Maryland.  The Order alleges that, on May 6, 1996, Swoyer was
convicted of making false statements of material fact in
connection with the sale of securities in violation of North
Carolina Penal Code Section 78A-8(2). State of North Carolina v.
Swoyer, Case No. 95-CRS-5635-36 (Superior Court of Gaston County,
North Carolina).  The underlying criminal case charged that
Swoyer misappropriated funds provided to him for the purchase of
stock by an investor.
A hearing will be scheduled to determine whether the allegations
against Swoyer are true, and, if so, to determine what, if any,
remedial action is appropriate.