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                SECURITIES AND EXCHANGE COMMISSION
                      BOSTON, MASSACHUSETTS

LITIGATION RELEASE NO. 14855 / March 25, 1996

SECURITIES AND EXCHANGE COMMISSION v. MICHAEL ANTHONY PIERCE AND
JOCELYN JANE O'ROURKE (United States District Court for the
District of Massachusetts, C.A. No. 96-10600-RCL)

     The Securities and Exchange Commission announced today that
the United States District Court for the District of
Massachusetts unsealed an emergency action for an asset freeze
and a temporary restraining order that the Commission filed
against Michael Anthony Pierce ("Pierce") and Jocelyn Jane
O'Rourke ("O'Rourke"), both residents of Worcester,
Massachusetts.  The Commission's complaint alleges that, in
violation of the federal securities laws, Pierce and O'Rourke
repeatedly took assets that investment advisory and securities
brokerage clients had entrusted to them and, instead of investing
the assets as directed, converted the funds to the Defendants'
own personal use.  At least $1.7 million was thus misappropriated
from at least 23 clients over a five year period.  Since both
Defendants failed and refused to provide information during the
Commission's investigation, the amount of losses and the number
of victims may be substantially higher.

     In an attempt to conceal the fraud, Defendant Pierce created
and sent to the clients false account statements, fictitious
contracts and other misleading documents.  Both Defendants caused
periodic payments to be made to certain clients to make it
falsely appear that their funds had been invested as directed. 
Both Defendants Pierce and O'Rourke are charged with violating
Section 17(a) of the Securities Act of 1933, Section 10(b) of the
Securities Exchange Act of 1934 and Rule 10b-5 thereunder and
Defendant Pierce is charged with violating Sections 206(1) and
206(2) of the Investment Advisers Act of 1940.  

     On March 22, 1996, the Court issued, ex parte and under
seal, an order freezing all assets of the Defendants.  In its
complaint, the Commission also seeks a temporary restraining
order, a preliminary injunction, a permanent injunction,
disgorgement of ill-gotten gains, civil monetary penalties,
repatriation of assets, accountings and other equitable relief.