FOR IMMEDIATE RELEASE                                    98-1


Mark J. Dowdell, Branch Chief in the Philadelphia District Office,
  Receives an Examination Award of Excellence for His Work
            on the Devon Capital Management Case
                              
     Washington, DC, January 8, 1998 --  Securities and
Exchange Commission examiner Mark J. Dowdell was honored on
December 11, 1997 at the 43rd annual SEC Awards Ceremony.
He received an "Examination Award of Excellence" for his
work in the Philadelphia District Office.  This award
recognizes those individuals who during the year made a
significant contribution to the examination program, to the
SEC and investors.

     Mr. Dowdell was instrumental in bringing the $69
million fraud case against Devon Capital Management.  As a
Branch Chief in the Philadelphia District Office, Mr.
Dowdell's dedication and professionalism was highlighted by
his work on this particular examination.

     Ron Long, District Administrator of the Philadelphia
District Office said, "Mark's hard work and persistence
during the Devon inspection is a perfect example of how the
examination process should work.  Through these types of
examinations the SEC will continue to protect investors.
All of us in the Philadelphia office are pleased that Mark
was chosen for this award."


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