SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C.

Litigation Release No. 14812 / February 7, 1996

SECURITIES AND EXCHANGE COMMISSION v. PETER M. HARRINGTON, Civ.
Action No. 96 CV 79 (RJA) U.S.D.C., W.D.N.Y.

     The Securities and Exchange Commission today charged an East
Aurora, New York, securities broker with violations of the
antifraud provisions of the federal securities laws for his
misappropriation of customers' funds. 

Named in the Complaint filed today in the United States District
Court for the Western District of New York is:

    Peter M. Harrington ("Harrington"), who has been the
president and sole owner of Harrington Securities Corporation
("HSC"), a registered broker-dealer since June 1987. 

    The Complaint alleges that, from in or about March 1991 to in
or about July 1995, Harrington misappropriated more than $982,000
from eighteen of his customers using an elaborate scheme
involving, among other things, material misrepresentations,
forged endorsement signatures on clearing firm checks, and
fabricated confirmation statements.  The Complaint also alleges
that, as part of that scheme, Harrington falsely told customers
that he would invest their money in certificates of deposit when,
in fact, Harrington knew that he would not be investing their
money in any type of certificate of deposit and, instead, used
his customers' money for his own personal benefit.  The Complaint
further alleges that Harrington concealed his misappropriations
from his customers by sending them fabricated confirmation
statements and simulated monthly interest payments in order to
further deceive his customers into believing that their monies
had been invested in the certificates of deposit.  The Complaint
also alleges that Harrington executed unauthorized sales of 
securities in his customers' accounts and forged endorsements on  
customer checks in the course of liquidating some of his
customers' brokerage accounts.  He then misappropriated the
proceeds from the sales of securities.

    The Complaint seeks to permanently enjoin Harrington from     
violating the antifraud provisions of the federal securities
laws. In addition, the Complaint seeks disgorgement of all funds
that were misappropriated by Harrington and ancillary relief in
the form of civil penalties.