UNITED STATES OF AMERICA
                                      Before the
                          SECURITIES AND EXCHANGE COMMISSION

          SECURITIES EXCHANGE ACT OF 1934
          RELEASE NO.   40460 / September 23, 1998

          ADMINISTRATIVE PROCEEDING
          FILE NO. 3-9713
          __________________________
                                    :
          In the Matter of          :ORDER INSTITUTING PROCEEDINGS
                                    :PURSUANT TO SECTIONS 15(b) AND
          JOHN T. FORTIER,          :19(h) OF THE SECURITIES
                                    :ACT OF 1934, MAKING FINDINGS
          Respondent.               :AND IMPOSING REMEDIAL SANCTIONS
                                    :
          __________________________:

                                          I.

          The Commission deems it appropriate and in the public interest
          that administrative proceedings be instituted pursuant to
          Sections 15(b) and 19(h) of the Securities Exchange Act of 1934
          ("Exchange Act") against Respondent John T. Fortier ("Fortier").

                                         II.

          In anticipation of the institution of these administrative
          proceedings, Fortier has submitted an Offer of Settlement
          ("Offer") which the Commission has determined to accept.  Solely
          for the purpose of these proceedings and any other proceedings
          brought by or on behalf of the Commission or in which the
          Commission is a party, and without admitting or denying the
          findings, except as to the jurisdiction of the Commission over
          him and the subject matter of these proceedings and the entry of
          the conviction set forth in Section III, paragraphs B and C,
          which are admitted, Fortier by his Offer consents to the entry of
          the findings and the imposition of the remedial sanctions set
          forth below.

          Accordingly, IT IS ORDERED that proceedings pursuant to Sections
          15(b) and 19(h) of the Exchange Act be, and hereby are,
          instituted.





                                         III.

          On the basis of this Order, and the Offer submitted by Fortier,
          the Commission finds that:[1]

          A.Fortier, a resident of Lewiston, New York, was at all times
          relevant hereto a registered representative associated with a
          registered broker-dealer pursuant to Section 15(b) of the
          Exchange Act.

          B.On November 24, 1997, in the United States District Court for
          the Western District of New York, Fortier pled guilty to a
          criminal information charging him with one count of mail fraud
          and one count of tax evasion.  United States of America v. John
          T. Fortier, Criminal No. 97-CR-227-A  (W.D.N.Y.).  On June 30,
          1998, Fortier was sentenced to a prison term of 61 months, and
          was ordered to pay restitution of $2,048,900.

          C.The criminal information alleged, inter alia, that Fortier was
          an insurance agent and did business as Fortier Financial Group.
          The criminal information further alleged that Fortier operated an
          investment scheme, convincing family, friends and/or clients to
          invest approximately $2.5 million with him, through Fortier
          Financial Group, from 1992 to 1996.  The criminal information
          further alleged that Fortier used the $2.5 million for his
          personal expenditures, leaving no money for the promised
          investments.

                                         IV.

          In view of the foregoing, the Commission deems it appropriate and
          in the public interest to impose the sanction specified in the
          Offer submitted by Fortier.

          Accordingly, IT IS HEREBY ORDERED that John T. Fortier be, and
          hereby is, barred from association with any broker, dealer,
          municipal securities dealer, investment adviser or investment
          company.

          By the Commission.




          Jonathan G. Katz
          Secretary

          **FOOTNOTES**

          [1]:The  findings  contained herein are not binding on anyone
          other than Respondent Fortier.