UNITED STATES SECURITIES AND EXCHANGE COMMISSION


     SECURITIES EXCHANGE ACT OF 1934
     Release No. 40116 / June 24, 1998 

     Administrative Proceeding File No. 3-9630

     ADMINISTRATIVE PROCEEDING INSTITUTED AGAINST BETTY ANN RUBIN

          The Securities and Exchange Commission ("Commission") announced that
     on June 24, 1998, it issued an Order Instituting Public Administrative
     Proceeding Pursuant to Sections 15(b) and 19(h) of the Securities Exchange
     Act of 1934 against Betty Ann Rubin ("Rubin").  The Order alleges that on
     February 26, 1997, the U.S. District Court, entered a Judgment of Permanent
     Injunction and Other Relief permanently enjoining Rubin from future
     violations of various registration and antifraud provisions of the federal
     securities laws.  Rubin consented to the entry of the injunction without
     admitting or denying the allegations in the Commission s Complaint.

          The Commission's Complaint, filed on December 19, 1995, alleged that
     from about May 1993 through December 19, 1995, Rubin, a Woodland Hills,
     California resident, Lazar Frederick & Company ("Lazar"), a Beverly Hills,
     California brokerage firm, and her co-defendants raised approximately $35
     million from over 2,000 investors through an oil and gas Ponzi-like scheme
     involving the fraudulent offer and sale of 29 limited partnerships.  The
     Commission alleged that her activities in conjunction with the offer and
     sale of these securities violated the registration and antifraud provisions
     of the securities laws.

          1.   Violations of the Registration Provisions

          The Commission alleged that although the partnerships relied on the
     registration exemption provided by Regulation D, the exemption did not
     apply for the reason that Lazar, wholly owned by Rubin and the sole sales
     agent of the partnerships, sold the partnership interests through general
     solicitation and effected sales to more than the permitted number of non-
     accredited investors.  

          2.   Violations of the Antifraud Provisions

          The Commission alleged that Rubin misled investors concerning the use
     of investor funds and the source of "returns" paid by the 29 partnerships
     to investors.  Rubin, through Lazar, led investors to believe that
     approximately 51% of their investment would be used by the partnerships to
     purchase producing oil and gas properties when in fact Weststar Exploration
     Inc., the partnership operator, and KS Resources, the general partner, used
     this money to pay their principals, a large portion of the investor
     "returns," and additional undisclosed compensation to Lazar.

          A hearing will be scheduled to take evidence on the staff's
     allegations and to afford Rubin an opportunity to present her defenses. 

                              ======END OF PAGE 1======





     The purpose of the hearing is to determine whether the allegations are true
     and whether any remedial action should be ordered by the Commission.



















































                              ======END OF PAGE 2======