SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C. 


Litigation Release No. 14890 / April 25, 1996

SECURITIES AND EXCHANGE COMMISSION v. ROSEANN MARTUCCI, JAY R.
HARTMAN, and GARR MANAGEMENT SERVICES, INC., U.S. District Court
for the Southern District of New York, 96 Civ. 3030 (PKL)
(S.D.N.Y. 1996)

     The Commission today filed a complaint alleging that Roseann
Martucci, Jay R. Hartman, and Garr Management Services, Inc., a
company owned in part by Roseann Martucci ("Martucci") and Jay R.
Hartman ("Hartman"), engaged in unlawful insider trading after
they obtained confidential information misappropriated from a law
firm in violation of Sections 10(b) and 14(e) of the Securities
Exchange Act of 1934 ("Exchange Act") and Rules 10b-5 and 14e-3
promulgated thereunder.

     According to the Commission's Complaint, between August and
October 1992, Sheri I. Kleinbaum, a law firm employee, learned,
in the course of her employment, that two clients of the law
firm, Snap-on Tools Corporation and Ball Corporation, planned to
acquire Sun Electric Corporation and Heekin Can Corporation,
respectively.  This information was material and nonpublic.  The
Complaint alleges that in each instance, shortly after learning
this information, Sheri Kleinbaum communicated the information to
her stepmother, who in turn tipped Martucci.  The Complaint
further alleges that although Martucci knew or should have known
that this information was provided in breach of a duty of
confidentiality, Martucci nevertheless tipped her business
associates, Hartman and the late Raymond G. Jerro.  Each of the
defendants and Jerro purchased the common stock of Sun Electric
and Heekin Can prior to public announcements that each was to be
acquired.  According to the Complaint, Martucci also recommended
the securities of Sun Electric to a close personal friend, who
also purchased Sun Electric common stock.   Martucci, Hartman and
Garr Management Services realized profits of $14,118.14,
$11,512.04, and $38,430.90, respectively.  As a group, Martucci
and all her tippees realized total profits of $111,478.86.

     In its Complaint, the Commission requests that the Court:   
(1) permanently enjoin each of the defendants from violating
Sections 10(b) and 14(e) of the Exchange Act and Rules 10b-5 and
14e-3 thereunder; (2) order the defendants to disgorge their and
any of their tippees' trading profits plus prejudgment interest;
and (3) impose a civil penalty pursuant to the Insider Trading
and Securities Fraud Enforcement Act.
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     The Commission previously instituted and settled an action
against Sheri I. Kleinbaum, her stepmother and her father.  SEC
v. Sheri I. Kleinbaum, et al., 95 Civ. 1963 (PKL) (S.D.N.Y.
1995).  See Litigation Release No. 14447 (March 23, 1995).

     The Commission acknowledges the assistance of The New York
Stock Exchange in this matter.