UNITED STATES SECURITIES AND EXCHANGE COMMISSION


          Securities Act of 1933
          Release No.   7553 / July 9, 1998

          Securities Exchange Act of 1934
          Release No. 40184 / July 9, 1998

          Admin. Proc. File No:  3-9648

          PUBLIC ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS INSTITUTED
          AGAINST ROBERT G. BETTIGA

          The  Securities  and  Exchange  Commission  ("Commission")  today
          announced  it  issued  an Order Instituting Public Administrative
          and  Cease-and-Desist Proceedings  pursuant  to  Sections  15(b),
          19(h)  and  21C of the Securities Exchange Act of 1934 ("Exchange
          Act") and Section  8A  of the Securities Act of 1933 ("Securities
          Act")  against  Robert  G.   Bettiga   ("Bettiga"),   formerly  a
          registered representative of Bluebonnet Securities, Inc.,  a now-
          defunct broker-dealer firm.

          The  Order  alleges that from approximately November 1993 through
          May 1995, Bettiga  willfully  violated  Sections  5(a),  5(c) and
          17(a) of the Securities Act and Section 10(b) of the Exchange Act
          and  Rule  10b-5 promulgated thereunder.  According to the Order,
          Bettiga misrepresented  the  high-risk,  speculative  nature of a
          private placement investment he sold to customers in disregard of
          their investment objectives.  Moreover, knowing that at  least 13
          of  his  customers were not financially suitable to purchase  the
          offering,  he  falsified their subscription documents in order to
          qualify them as accredited investors by adding a fictitious asset
          to their financial information.

          A hearing will be  scheduled  to  take  evidence  on  the staff's
          allegations  and to afford Bettiga an opportunity to present  any
          defenses thereto.   The  purpose  of  the hearing is to determine
          whether the allegations are true, and whether any remedial action
          should be ordered, or penalties imposed, by the Commission.