UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No. 15481 / September 9, 1997

     U.S. Securities and Exchange Commission v. Michael J. Oberholzer, Civil
     Action No. 97-03320-CW (N.D. Cal. 1997)

          The Securities and Exchange Commission today accused a former
     stockbroker in the Hayward, California, branch of Dean Witter Reynolds Inc.
     ("Dean Witter") of defrauding elderly clients over a six-year period.
       
          In a complaint filed today in the United States District Court for the
     Northern District of California, the Commission alleged that between
     September 1989 and September 1995 Michael J. Oberholzer defrauded four
     elderly Dean Witter clients on fixed incomes by trading their accounts in
     ways that were contrary to their interests so that he could obtain greater
     commissions.  These customers lost a total of $320,000 as a result of
     Oberholzer's actions.

          The complaint alleges that Oberholzer traded excessively in these
     customers' accounts solely in order to obtain commissions for himself,
     traded on margin in their accounts without authorization, and purchased
     securities in their accounts that were unsuitable for their financial
     situation.  The Commission also alleged that Oberholzer made material
     misrepresentations and omissions to the customers, and that he falsified
     Dean Witter's books and records in connection with this fraudulent conduct. 
     The customers were were retired, elderly women on fixed incomes with little
     or no financial sophistication.  Each of them had conservative financial
     objectives and invested a substantial part of their assets with Dean
     Witter. 

          Oberholzer agreed to settle this action simultaneously with the filing
     of the complaint, without admitting or denying the Commission's
     allegations.  As part of the settlement, Oberholzer consented to the entry
     of an order by the Commission barring him from association with a broker,
     dealer, investment company, investment adviser, or municipal securities
     dealer.  Oberholzer also consented to a permanent injunction ordering him
     not to violate the securities laws in the future.  Specifically, he
     consented to be enjoined not to violate Section 17(a) of the Securities Act
     of 1933, Section 10(b) of the Securities Exchange Act of 1934 (the
     "Exchange Act") and Rule 10b-5 thereunder, and Section 17(a)(1) of the
     Exchange Act and Rule 17a-3 thereunder.
       
          The Commission acknowledges the assistance of the Federal Bureau of
     Investigation in this matter.








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