FOR IMMEDIATE RELEASE                             2001-60

                              
    SECURITIES AND EXCHANGE COMMISSION ACCEPTS OFFERS OF
                 SETTLEMENT IN ALL-TECH CASE
                              
     Washington, DC, June 13, 2001 -- The Securities and
Exchange Commission announced today that it has accepted
offers of settlement from All-Tech Direct, Inc. (All-Tech),
a day trading firm, and certain of its employees to resolve
an administrative proceeding alleging violations of the
federal securities laws governing margin lending.  The
settlements include a $225,000 civil penalty against All-
Tech and a requirement that the firm retain an independent
consultant to examine and recommend improvements to its
margin lending practices.  The settlements against the
individuals include, among other relief, suspensions and
civil money penalties.

     The administrative proceeding, instituted on February
14, 2000, alleged that All-Tech improperly used funds from
accounts of persons associated with the firm to make loans
to its customers to enable the customers to meet margin
calls, and that a number of All-Tech employees aided and
abetted, and caused, All-Tech's improper conduct.  In its
settlement, All-Tech consented to the entry of an order,
without admitting or denying the findings contained in the
order, in which the Commission found that All-Tech made
approximately 100 improper margin loans totaling
approximately $3.6 million over an eight month period in
violation of federal margin lending rules.  The Commission
censured All-Tech and ordered the firm to cease and desist
from committing or causing any violations of the federal
margin lending rules, to pay a $225,000 civil penalty, and
to retain an independent consultant to review and recommend
improvements to its margin lending practices.

     The administrative order imposed sanctions and made the
following findings regarding the individual respondents,
which they neither admitted nor denied.

     Mark Shefts, All-Tech's President
     
     The Commission found that Shefts failed reasonably to
     supervise the All-Tech personnel who approved and
     arranged the loans because he failed to take reasonable
     measures to detect and prevent the violations, even
     though he knew about certain of the loans and had
     reason to know that they were improper.  The Commission
     censured Shefts, ordered him to pay a $25,000 civil
     penalty, and suspended him from associating with any
     broker or dealer in a supervisory capacity for three
     months.
     
     Harry Lefkowitz, All-Tech's Chief Operating Officer
     
     The Commission found that Lefkowitz aided and abetted
     and caused All-Tech's violations because he approved
     almost all of the improper margin loans.  The
     Commission censured Lefkowitz, ordered him to cease and
     desist from further violations of the federal margin
     lending rules, suspended him from association with a
     broker or dealer for three months and from associating
     with a broker or dealer in a supervisory capacity for
     an additional three months, and ordered him to pay a
     $20,000 civil penalty.
     
     Lisa Esposito, a supervisor in All-Tech's margin
     department
     
     The Commission found that Esposito arranged the
     improper margin loans and, therefore, aided and abetted
     and caused All-Tech's violations.  The Commission
     censured Esposito, ordered her to cease and desist from
     further violations of the federal margin lending rules,
     suspended her from association with a broker or dealer
     for three months, and ordered her to pay a $10,000
     civil penalty.
     
     David Waldman, an associated person at All-Tech
     
     The Commission found that Waldman allowed All-Tech to
     use his account to make improper margin loans, and
     therefore aided and abetted, and caused, All-Tech's
     violations.  The Commission censured Waldman, ordered
     him to cease and desist from further violations of the
     federal margin lending rules, suspended him from
     association with a broker or dealer for three months,
     ordered him to disgorge $1700 of fees he received for
     making the loans, plus prejudgment interest, and
     ordered him to pay a $5,000 civil penalty.
     
     Wayne M. Carlin, Regional Director of the Commission's
Northeast Regional Office, said, "Today's settlements
trumpet a strong message to broker-dealers, including those
catering to day traders, that the Commission expects full
compliance with the margin lending laws and regulations.
These rules are designed to protect investors and broker-
dealers from the dangers associated with excessive borrowing
to trade securities.  We will take appropriate enforcement
action when firms employ improper transactions to evade
margin lending requirements."
     
     The Commission previously settled with the three other
individual respondents, Ralph Zulferino, Barry Parrish and
Adam Leeds, and the settlements announced today completely
resolve the case.
     
     The Commission acknowledges the assistance of NASD
Regulation, Inc. and its staff in this matter.
     
     

For further information, please contact:

Barry W. Rashkover            212-748-8186
Associate Regional Director
Northeast Regional Office

George N. Stepaniuk           212-748-8202
Assistant Regional Director
Northeast Regional Office