United States Securities and Exchange Commission


     SECURITIES EXCHANGE ACT OF 1934
     Release No.  40060 / June 3, 1998

     ADMINISTRATIVE PROCEEDING 
     File No. 3-9617

     ADMINISTRATIVE PROCEEDINGS INSTITUTED AGAINST DAVID W. D'ANDREA

     The Commission instituted public administrative proceedings pursuant to
     Sections 15(b) and 19(h) the Securities Exchange Act of 1934 ("Exchange
     Act") against David W. D'Andrea ("D'Andrea"), formerly of Boca Raton,
     Florida.  The Order alleges that from July through December 1993, while a
     registered representative, D'Andrea accepted undisclosed commissions of
     approximately $10,000 from Gary Salter ("Salter") or entities controlled by
     Salter, in exchange for D'Andrea inducing his clients to purchase certain
     securities.  On March 26, 1997, D'Andrea was convicted for conspiracy to
     commit securities fraud, mail fraud and wire fraud in violation of Sections
     10(b) and 32 of the Securities Exchange Act of 1934.  United States v.
     D'Andrea, Case No. 96-6143-CR-GONZALEZ (S.D. Fla. 1997).   

     A hearing will be scheduled to determine whether the allegations against
     D'Andrea are true, and if so, what sanctions, if any, are appropriate in
     the public interest against D'Andrea. 



























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