UNITED STATES SECURITIES AND EXCHANGE COMMISSION


SECURITIES EXCHANGE ACT OF 1934
RELEASE NO.  38055 / December 18, 1996 

ADMINISTRATIVE PROCEEDING FILE NO. 3-9205   


ADMINISTRATIVE PROCEEDINGS INSTITUTED AGAINST PETER M. HARRINGTON

                                                                 

             
     The U.S. Securities and Exchange Commission ("Commission")
instituted public administrative proceedings, pursuant to
Sections 15(b) and 19(h) of the Securities Exchange Act of 1934
("Exchange Act"), against Peter M. Harrington ("Harrington"). 
Harrington, age 51, has been a registered representative with
various broker-dealers since 1977 and, from June 1987 through
July 1995, was the president and sole owner of Harrington
Securities Corporation, a registered broker-dealer. The
Commission's order instituting proceedings alleges that, on
October 3, 1996, Harrington was enjoined, by default, from
violating Section 17(a) of the Securities Act of 1933 and Section
10(b) of the Exchange Act and Rule 10b-5 thereunder in connection
with his misappropriation of at least $982,992.83 from eighteen
of his customers by using an elaborate scheme involving, among
other things, material misrepresentations, forged endorsement
signatures on clearing firm checks, and fabricated confirmation
statements.  A hearing will be scheduled to determine whether the
allegations against Harrington are true and, if so, what
sanctions, if any, are appropriate and in the public interest.