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                SECURITIES AND EXCHANGE COMMISSION


LITIGATION RELEASE NO. 14937 / JUNE 6, 1996

SECURITIES AND EXCHANGE COMMISSION V. DANIEL L. OSBORN
Civil Action No. CV 95-1014 RJK (C.D. Cal.)

     The Securities and Exchange Commission ("Commission")
announced that on May 22, 1996, the Honorable Robert J. Kelleher
entered a Final Judgment of Permanent Injunction And Other Relief
Against Daniel L. Osborn.  The Commission's Complaint alleged
that in 1989 and 1990, Osborn participated in a fraudulent scheme
with Steven D. Wymer ("Wymer") and the investment advisers
controlled by Wymer, Denman & Co. and Institutional Treasury
Management, Inc. (collectively "ITM").  

     The Commission alleged in its Complaint that Osborn, through
his broker-dealer, DLO Securities, Inc. ("DLO"), charged ITM
advisory clients and ITM fraudulent excessive, undisclosed
markups on United States government securities.  Osborn paid
Wymer a portion of the fraudulent profits from these
transactions.  The Commission also alleged that Osborn failed to
disclose $310,000 received from Wymer to establish DLO, formerly
located in Irvine, California, on DLO's Form BD.  The judgment
against Osborn ordered him to disgorge $403,888 plus prejudgment
interest and waived payment based on his demonstrated inability
to pay the disgorgement.