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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934
RELEASE NO. 37422 / July 11, 1996

ADMINISTRATIVE PROCEEDING FILE NO. 3-9041

ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS INSTITUTED
AGAINST AL RIZEK

     The Commission announced that it instituted public
administrative proceedings pursuant to Sections 15(b) and 19(h)
of the Securities Exchange Act of 1934 ("Exchange Act") and
cease-and-desist proceedings pursuant to Section 21C of the
Exchange Act against Al Rizek ("Rizek") of Condado, Puerto Rico. 
Rizek is alleged to have willfully violated the anti-fraud
provisions of the federal securities laws by churning the
accounts of certain of his customers during at least the period
from January 1, 1993 to March 31, 1994.

     A hearing will be scheduled to determine whether the
allegations against Rizek are true and, if so, what sanctions, if
any, are appropriate and in the public interest and whether a
cease-and-desist order, disgorgement, or a money penalty are
appropriate against Rizek.