UNITED STATES OF AMERICA
                          Before the
                SECURITIES AND EXCHANGE COMMISSION



Securities Exchange Act of 1934
Release No. 37747 / September 30, 1996

Accounting and Auditing Enforcement 
Release No.   831 / September 30, 1996

Administrative Proceedings
File No. 3-9115

ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
                              )  
In the Matter of              )    ORDER INSTITUTING PROCEEDINGS
                              )    AND OPINION AND ORDER 
Rom N. De Guzman, CPA,        )    PURSUANT TO RULE 102(e) OF  
                              )    THE COMMISSION'S RULES OF 
               Respondent.    )    PRACTICE
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ

                               I. 

     The Securities and Exchange Commission ("Commission") 
deems it appropriate and in the public interest that public      

administrative proceedings be, and they hereby are, instituted
pursuant to Rule 102(e) of the Commission's Rules of Practice 
against Rom N. De Guzman, CPA ("De Guzman").  

                               II.

     In anticipation of the institution of this administrative
proceeding, De Guzman has submitted an Offer of Settlement which
the Commission has determined to accept.  Solely for the purpose
of this proceeding and any other proceeding brought by or on
behalf of the Commission or to which the Commission is a party,
and prior to a hearing pursuant to the Commission's Rules of
Practice, 17 C.F.R.  201.1 et seq., and without admitting or
denying any findings set forth herein, except as to jurisdiction
and the facts set forth in paragraphs III.A. and III. B. below,
which he admits, De Guzman consents to the issuance of this Order
Instituting Proceedings And Opinion And Order Pursuant to Rule
102(e) of the Commission's Rules of Practice ("Order") and to the
entry of the findings and imposition of the remedial sanction as
set forth below.
==========================================START OF PAGE 2======

                              III.  

                           FINDINGS

     On the basis of this Order and De Guzman's Offer of         

Settlement, the Commission finds that:-[1]-

     A.   De Guzman has been a certified public accountant duly
licensed by the State of California since July 29, 1983 and has
practiced before the Commission within the meaning of Rule 102(f)
of the Commission's Rules of Practice in connection with the
preparation of financial statements and other documents filed
with the Commission;  

     B.   De Guzman is a defendant in Securities and Exchange
Commission v. ANW, Inc., et al., Civ. No. 95-4990 ER (Mcx) (C.D.
Cal. July 27, 1995).  On October 17, 1995, the United States
District Court for the Central District of California permanently
enjoined De Guzman from future violations of Section 10(b) of the
Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5. 
De Guzman consented, without admitting or denying the allegations
contained in the Complaint (except as to jurisdiction, which was
admitted), to the issuance of the order of permanent injunction
and to the entry of final judgment thereon; and

     C.   The Commission's Complaint in the above action alleged
that De Guzman, with scienter, issued false and misleading audit
opinions that were contained in ANW's annual reports on Form 10-K
for the fiscal years ending June 30, 1990, 1991 and 1992.  De
Guzman's unqualified reports stated that the company's financial
statements were compiled in accordance with Generally Accepted
Accounting Procedures ("GAAP") and that De Guzman's audits were
conducted in conformance with Generally Accepted Auditing
Standards ("GAAS").  In fact, the company had represented
contrary to GAAP that it held title to entire parcels of land
consisting of 650,000 or 5,000,000 acres of land in Riverside,
Imperial and San Bernardino, Counties in California and that ANW
owned $3.4 million of original artwork.  Further, De Guzman had
not conducted his audits in conformance with GAAS. 








---------FOOTNOTES----------
     -[1]-     The findings herein are made pursuant to De
               Guzman's Offer of Settlement and are not binding
               on any other person or entity named as a
               respondent in this or any other proceeding.
==========================================START OF PAGE 3======

                               IV. 

                     ORDER IMPOSING SANCTIONS

     Based on the foregoing, the Commission deems it appropriate
and in the public interest to accept the Offer of Settlement
submitted by Rom N. De Guzman and accordingly, 

     IT IS HEREBY ORDERED that, effective immediately, Rom N. De
Guzman be, and hereby is, denied the privilege of appearing or
practicing before the Commission as an accountant. 

     By the Commission.




                                   Jonathan G. Katz
                                   Secretary