Securities Act of 1933
     Release No.  7477 / December 1, 1997             

     Securities Exchange Act of 1934
     Release No. 39375 / December 1, 1997             

     Administrative Proceeding File No. 3-9491

     COMMISSION ISSUES ORDER INSTITUTING ADMINISTRATIVE AND CEASE AND DESIST
     PROCEEDINGS AGAINST FIVE FORMER PRINCIPALS AND ONE FORMER REGISTERED
     REPRESENTATIVE OF STRATTON OAKMONT, INC.

          The Securities and Exchange Commission Issued An Order Instituting
     Administrative and Cease and Desist Proceedings against Eric S. Blumen, Ira
     A. Boshnack, Andrew S. Friedman, Jordan I. Shamah and Irving Stitsky, all
     former principals and registered representatives ("RRs"), and Douglas C.
     Miller, a former RR, at the now defunct Stratton Oakmont, Inc.  Stratton
     Oakmont, Inc. was a broker-dealer which had previously been a defendant and
     respondent in several Commission enforcement actions.  The Commission's
     Order alleges that Blumen, Boshnack, Friedman and Miller willfully aided
     and abetted and caused Stratton to violate the provisions of the federal
     securities laws which prohibit broker-dealers from effecting securities
     transactions if their RRs and principals have not passed the appropriate
     licensing exams.  Stratton effected securities transactions, through
     principals Blumen and Boshnack, even though neither had actually taken and
     passed the National Association of Securities Dealers, Inc.'s ("NASD")
     Series 24 exam which is required in order for a person to be a principal of
     a broker-dealer.  Moreover, Boshnack had never actually taken the NASD's
     Series 7 exam which is required before a person can become a registered
     representative at a broker-dealer.  Miller, posing as Boshnack, took and
     passed the licensing exams on behalf of Boshnack, and Friedman, posing as
     Blumen, took and passed the licensing exam for principals on behalf of
     Blumen.    The Commission's Order also alleges that while at Stratton,
     Blumen, Boshnack, Friedman, Shamah and Stitsky violated the antifraud
     provisions of the securities laws by making baseless price predictions to
     at least eight customers regarding the securities of companies for which
     Stratton had underwritten the initial public offerings, including, but not
     limited to, the securities of Dualstar Technologies, Inc., Octagon, Inc.,
     Select Media Communications, Inc., Solomon-Page Group, Ltd., Inc. and/or
     United Leisure Corporation.  The Commission further alleges that Blumen,
     Boshnack, Friedman, as well as Shamah and Stitsky, made numerous
     unauthorized purchases of securities, including the securities listed above
     and others, in the accounts of at least thirteen customers.  The Commission
     seeks remedial sanctions, cease and desist orders, and disgorgement of any
     ill-gotten gains against all of the respondents, as well as civil penalties
     against Shamah and Stitsky.  For further information see Lit Rel. ## 13195,
     13421, 13955, 14355, 14360, 14380, 14426, 14498, 14506, 15313, & 15333.