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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

INVESTMENT ADVISERS ACT OF 1940 
RELEASE NO.  1547 / January 16, 1996

Administrative Proceeding File No. 3-8924

     On January 16, 1996, the Commission instituted
administrative proceedings pursuant to Section 203(f) of the
Investment Advisers Act of 1940, as amended ("Advisers Act"),
against Investors Income Systems of Florida, Inc. ("IISF"), an
investment adviser.

     The Order Instituting Proceedings ("Order") alleges that
between November 1987 and June 1995, IISF acted as an associated
person of an unregistered investment adviser and that on June 19,
1995, the United States District Court for the Middle District of
Florida permanently enjoined IISF by consent from further
violations of the registration and antifraud provisions of the
Investment Advisers Act of 1940 and the antifraud provisions of
the Securities Act of 1933 and the Securities Exchange Act of
1934.  

     The Order also alleges that the Commission's Verified
Complaint in the civil action alleged IISF's president, Joseph
Edwin Giewartowski ("Giewartowski"), doing business as IISF,
acted as an unregistered investment adviser and offered
securities in the form of investment contracts and/or promissory
notes.  Giewartowski, doing business as IISF, solicited
investment funds through material misrepresentations and
omissions, made false statements to investors concerning the
nature and value of their investments, commingled its clients'
investment funds with Giewartowski's personal funds, and paid his
personal expenses from IISF's client's investment funds.  IISF's
investment activities resulted in over $1,000,000 in losses to
its investors.

     A hearing will be scheduled to determine whether the
allegations against IISF are true, and, if so, to determine what,
if any, remedial actions would be appropriate.