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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934
Release No. 37798 / October 9, 1996

ADMINISTRATIVE PROCEEDING FILE NO. 3-9140

In the Matter of Richard Cannistraro

     On October 9, 1996, the Commission instituted public
administrative proceedings pursuant to Section 15(b)(6) of the
Securities Exchange Act of 1934 ("Exchange Act") against Richard
Cannistraro, who was formerly associated with a registered
broker/dealer.  The Commission's Order alleges that Cannistraro
has been convicted of various felonies, and has been enjoined
from violating certain provisions of the federal securities laws,
as a result of his participation in the manipulation of the
securities of Liquidation Control, Inc. and Toxic Waste
Containment, Inc.  Specifically, the Order alleges that on
September 21, 1987, Cannistraro pled guilty to nine felony counts
charging him with securities fraud, mail fraud,  interstate
transportation of stolen money and obstruction of justice, all of
which arose from the purchase and sale of securities; that on
March 24, 1993, Cannistraro pled guilty to one count of
conspiracy to obstruct justice arising from his earlier plea; and
that on October 3, 1996, the United States District Court for the
Southern District of New York entered an order permanently
enjoining him from further violations of the antifraud provisions
of the federal securities laws. 
 
     A hearing will be scheduled to determine what, if any,
remedial action is appropriate in the public interest against
Richard Cannistraro.

(See also Litigation Release No. 15116)