UNITED STATES OF AMERICA
                                          Before the
                              SECURITIES AND EXCHANGE COMMISSION

          SECURITIES EXCHANGE ACT OF 1934
          Release No.40470 / September 24, 1998

          ADMINISTRATIVE PROCEEDING
          File No. 3-9720



                                   :    ORDER INSTITUTING A PUBLIC
          In the Matter of         :    PROCEEDING PURSUANT TO SECTIONS
                                   :    15(b)(6) AND 19(h) OF THE SECURITIES
                                   :    EXCHANGE ACT OF 1934, MAKING
          Ronald Bajorek, Jr.      :    FINDINGS AND IMPOSING REMEDIAL
                                   :    SANCTIONS

                                         I.

               The  Securities and Exchange Commission ("Commission") deems
          it appropriate  and  in  the public interest that a proceeding be
          instituted  pursuant  to  Sections  15(b)(6)  of  the  Securities
          Exchange Act of 1934 ("Exchange  Act")  with  respect  to  Ronald
          Bajorek, Jr. ("Bajorek").

               In  anticipation  of  the  institution of these proceedings,
          Bajorek has submitted to the Commission  an  Offer  of Settlement
          which  the Commission has determined to accept.  Solely  for  the
          purpose of these proceedings and any other proceedings brought by
          or on behalf  of  the Commission, or to which the Commission is a
          party, and without  admitting  or denying the findings of fact or
          conclusions of law, except those  contained  in paragraphs III.A.
          and B. below, which are admitted, Bajorek consents  to  the entry
          of  this  Order  Instituting a Public Proceeding, Making Findings
          and Imposing Remedial Sanctions ("Order").

                                         II.

               Accordingly,  IT  IS  ORDERED  that a proceeding pursuant to
          Sections  15(b)(6)  and  19(h)  of  the Exchange  Act  is  hereby
          instituted.

                                        III.

               On  the  basis  of this Order and the  Offer  of  Settlement
          submitted by Bajorek, the Commission finds that:

               A.   From at least  1987 through 1989, Bajorek was a manager
                    of  the  Santa  Barbara,  California  branch  of  Power
                    Securities Corp.  ("Power").   During  the same period,
                    Power   was   a   broker-dealer  registered  with   the
                    Commission pursuant  to  Section  15  of the Securities
                    Exchange Act of 1934;

               B.   On  September  23,  1998,  in  Securities and  Exchange
                    Commission  v.  Power  Securities Corporation,  et  al.
                    (C.A. No. 90-S-1579), the  United States District Court
                    for the District of Colorado  entered  a final judgment
                    permanently enjoining Respondent from violating Section
                    17(a) of the Securities Act of 1933, and  Section 10(b)
                    of the Securities Exchange Act of 1934 and  Rule  10b-5
                    promulgated thereunder; and

               C.   The  Commission  alleged  in  Securities  and  Exchange
                    Commission  v.  Power  Securities  Corporation,  et al.
                    (C.A.  No.  90-S-1579)  that  Respondent,  during 1988,
                    engaged   in  repeated  fraudulent  conduct,  including
                    directing that representatives of Power's Santa Barbara
                    office make fraudulent misrepresentations and omissions
                    in connection  with  the offer and sale to customers of
                    several penny stocks.

                                         IV.

               In view of the foregoing, it  is  in  the public interest to
          impose the sanctions specified in the Offer of Settlement.

               Accordingly, IT IS ORDERED THAT:

               A.   Bajorek  is barred from association  with  any  broker,
                    dealer,  investment   company,  investment  adviser  or
                    municipal securities dealer  with  the right to reapply
                    for  association after two years with  the  appropriate
                    self-regulatory organization or, if there is none, with
                    the Commission; and

               B.   Bajorek is barred from participation in any offering of
                    penny stock with the right to reapply for participation
                    after two years with the Commission.

               By the Commission.




               Jonathan G. Katz
               Secretary