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                SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C. 


Litigation Release No. 15126 / October 18, 1996

SECURITIES AND EXCHANGE COMMISSION v. MICHAEL JONSSON AND
OBJECTIVE INVEST HOLDING S.A., 96 Civ. 7867 (RO) (S.D.N.Y. 1996)

     The Securities and Exchange Commission today announced that
on October 17, 1996, the Honorable Milton Pollack, Senior United
States District Judge, Southern District of New York, issued a
Temporary Restraining Order in this insider trading case against
defendants Michael Jonsson and Objective Invest Holding S.A.
("OIH") and their agents, that, among other things, froze the
defendants' assets.
       
     In its Complaint, the Commission alleged that the defendants
sold common stock of Olicom A/S ("Olicom") and purchased put
options through bank accounts in Luxembourg prior to the April 2,
1996 public announcement that Olicom expected to report an
operating loss for the first quarter of 1996.  At the time of the
trading, Jonsson was an executive with Olicom.  He effected the
trades through Luxembourg banks for his own account and for OIH,
whose account he controlled.  The Complaint alleged that while in
possession of material, nonpublic information concerning Olicom's
expected operating loss and the impending public announcement of
Olicom's bad news, the defendants sold a total of 28,000 shares
of Olicom common stock and purchased a total of 800 Olicom put
options.  Defendants avoided losses of approximately $88,000 by
selling the shares of Olicom stock, and reaped a profit of
approximately $99,000 through the exercise of the put options and
accompanying transactions in Olicom's common stock.
 
     The Commission applied for emergency relief, which included
the asset freeze, to prevent the defendants from removing assets
from the United States.  The Commission acted when it did
because, as noted in documents filed in support of its
application for the emergency relief, on October 16, 1996,
Jonsson, who resides in Denmark, ordered the liquidation of
certain positions held in a brokerage account in the United
States, apparently with the intention of removing assets out of
the United States.  The proceeds from this account would have
been available for immediate transfer overseas on Friday, October
18, 1996.  As a result of the Temporary Restraining Order, this
account as well as all other assets of the defendants are frozen
in place.

     In its Complaint, the Commission alleged that the trading of
Jonsson and OIH in Olicom stock and put options violated Section
10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
thereunder.  The Commission is seeking injunctive relief,
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disgorgement of illegal trading profits with prejudgment interest
thereon, and civil penalties.
     The Court scheduled a hearing for October 31, 1996, on the
Commission's Application for a Preliminary Injunction, Order
Continuing the Asset Freeze and Other Relief.

     The Commission acknowledges the assistance of the Chicago
Board Options Exchange, Inc. in this matter.