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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION


SECURITIES EXCHANGE ACT OF 1934
RELEASE NO. 38424 / March 20, 1997 

ADMINISTRATIVE FILE NO. 3-9277

     COMMISSION INSTITUTES PROCEEDINGS AGAINST MICHAEL J.
     MARKOWSKI

     On March 20, 1997, the Commission issued an Order
Instituting A Public Administrative Proceeding Pursuant To
Section 15(b) Of The Securities Exchange Act Of 1934 And Notice
of Hearing  ("Order") against Michael J. Markowski ("Markowski")
of Miami, Florida.  

     The Order alleges that during the period from May, 1989
through March 1, 1991, Markowski was the president and chief
executive officer of Global America, Inc. ("Global"), a defunct
broker-dealer.  The Order also alleges that on February 9, 1996,
the United States District Court for the Southern District of New
York in SEC v. Michael J. Markowski and Joseph Riccio, 95 Civ.
6931 (KTD), entered a final consent judgment against Markowski
permanently enjoining him from future violations of Section 17(a)
of the Securities Act of 1933, and Section 10(b) of the
Securities Exchange Act of 1934 and Rules 10b-5 and 10b-6 in
connection with a scheme to manipulate the securities of
Capucino's, Inc., Mountaintop Corp., and Auto Depot, Inc. 

     The Order further alleges that Markowski was sanctioned by
the National Association of Securities Dealers in 1996 and in
1991 for manipulating those and other securities, and for other
violations of the NASD's Rules of Fair Practice arising out of
his employment with Global.

     A hearing will be scheduled to determine what, if any,
remedial sanction is appropriate in the public interest against
Markowski.