SECURITIES AND EXCHANGE COMMISSION


          LITIGATION RELEASE NO.  16095 \ March 25, 1999

          SECURITIES AND EXCHANGE COMMISSION v. CRAIG RYAN SPRADLING, 98
          Civ. 4117 (MBM) (S.D.N.Y.)

          The Commission announced today that Craig Ryan Spradling
          (Spradling), formerly an associate at a prominent law firm, has
          agreed to settle charges that he engaged in insider trading.  On
          June 11, 1998, the Commission filed a Complaint alleging that
          Spradling, while an associate at the New York office of Cleary,
          Gottlieb, Steen & Hamilton ("Cleary") in October 1996, bought
          options to purchase common stock of Loctite Corporation
          ("Loctite") when Spradling knew that Loctite was the target of a
          tender offer being planned by a client of Cleary.

          Without admitting or denying the allegations, Spradling has
          consented to the entry of a final judgment: (1) permanently
          enjoining Spradling from committing securities fraud and tender
          offer fraud in violation of Sections 10(b) and 14(e) of the
          Securities Exchange Act of 1934 and Rules 10b-5 and 14e-3; and
          (2) ordering Spradling to disgorge $49,312.50 in illegal trading
          profits and $10,429.48 in prejudgment interest.  Under the terms
          of the final judgment, which has been submitted to the court for
          approval, payment of $6,102.47 in prejudgment interest would be
          waived and no civil penalty would be imposed based upon
          Spradling’s demonstrated inability to pay.

          Spradling earlier pleaded guilty to criminal charges arising from
          the same conduct.  On January 15, 1999, Spradling was sentenced
          to a term of probation for three years, including six months of
          home detention, and fined $3,000.


          The Commission thanks Cleary and the Philadelphia Stock Exchange
          for their cooperation in this matter.

          For more information, see Litigation Release No. 15775, dated
          June 11, 1998.