U.S. SECURITIES AND EXCHANGE COMMISSION
                                   WASHINGTON, D.C.

             LITIGATION RELEASE NO. 16090 / March 18, 1999

             Securities and Exchange Commission v. Marisa Baridis, et
             al., 98 Civ. 8535 (JSM) (S.D.N.Y.)
             Securities and Exchange Commission v. Howard Boyar, 99 Civ.
             2008 (JSM) (S.D.N.Y.)

                         BROKERS SETTLE INSIDER TRADING CASE

                  The Securities and Exchange Commission today announced
             that Jeffrey L. Streich, the remaining defendant in the
             Commission’s insider trading case filed on December 3, 1998,
             has settled the Commission’s charges against him.  The
             Commission’s Complaint in that matter alleged insider
             trading by Streich and others in advance of public
             announcements concerning the securities of thirteen publicly
             traded companies.  The Complaint alleged that Streich
             received tips concerning these companies from Marisa
             Baridis, a former employee in the compliance departments of
             two Wall Street investment firms who had access to material
             nonpublic information concerning the firms’ clients.  The
             Complaint also alleged that Streich tipped at least ten
             other persons, and that he engaged in a free-riding scheme
             whereby he purchased stock without paying for it and without
             enough cash to buy it on margin.  See SEC v. Marisa Baridis
             et al., 98 Civil No. 8535 (JSM)(S.D.N.Y.).

                  Streich consented, without admitting or denying the
             Commission’s allegations, to the entry of a Final Judgment
             permanently enjoining him from violating Sections 7(f),
             10(b) and 14(e) of the Securities Exchange Act of 1934
             ("Exchange Act"), Rules 10b-5 and 14e-3 thereunder, and
             Regulation X of the Federal Reserve Board Regulations, and
             ordering him to disgorge his and his tippees’ trading
             profits of $1,039,970, plus prejudgment interest.  Based on
             his demonstrated inability to pay, disgorgement was waived.
             As an additional part of the settlement, Streich consented
             to the entry of a Commission Order barring him from
             association with any broker, dealer, municipal securities
             dealer, investment adviser or investment company.  The
             Order, which the Commission entered today, is based on
             Streich’s earlier criminal conviction in New York State
             Supreme Court of two felony counts relating to his theft of
             securities from a brokerage customer and his possession of a
             forged margin account agreement with knowledge that it was
             forged and with the intent to defraud.

                  In addition, the Commission today filed a  Complaint in
             the United States District Court for the Southern District
             of New York against Howard Boyar of New York, New York.
             The Complaint alleges that Boyar engaged in insider trading
             in advance of public announcements concerning the securities
             of eight publicly traded companies:  Owen Healthcare, Inc.;
             Health Images, Inc.; OnTrak Systems, Inc.; Ocean Energy
             Inc.; Integon Corp.; Reading & Bates Corp.; Rohr Inc.; and
             Georgia-Pacific Corp.  According to the Complaint, Boyar,
             who was a registered representative, received tips
             containing material nonpublic information concerning these
             companies from his friend Streich.  The Complaint alleges
             that Boyar realized trading profits of $156,050 based on
             these tips, and his brokerage customers collectively
             realized $51,881 in profits in trades recommended by him.
             The Complaint also alleges that Boyar paid Streich about
             $10,000 in cash from his illegal profits.

                  Simultaneous with the filing of the Complaint, Boyar
             consented, without admitting or denying the allegations in
             the Complaint, to the entry of a Final Judgment enjoining
             him from future violations of Section 10(b) of the Exchange
             Act and Rule 10b-5 thereunder, and requiring him to disgorge
             illegal trading profits of $207,931, plus prejudgment
             interest.  Based on his demonstrated inability to pay,
             disgorgement was waived.  As an additional part of the
             settlement, Boyar has consented to the entry of a Commission
             Order barring him from association with any broker, dealer,
             municipal securities dealer, investment adviser, or
             investment company.  In a related criminal case, Boyar
             earlier pleaded guilty in New York Supreme Court to state
             charges of insider trading.  He is currently awaiting
             sentencing.

                  The Commission previously has issued a number of
             releases concerning these and other related matters.  See
             Lit. Rel. No. 15741 (May 15, 1998); Securities Exchange Act
             Rel. No. 40787 (Dec. 14, 1998); Securities Exchange Act Rel.
             No. 40788 (Dec. 14, 1998);  Lit Rel. No. 15990 (Dec. 3,
             1998).

                  The Commission acknowledges the assistance provided by
             the U.S. Attorney for the Southern District of New York, the
             District Attorney for New York County, the New York Stock
             Exchange, the American Stock Exchange, and the Pacific
             Exchange, Inc.

                  The Commission’s investigation in this matter is
             continuing.