UNITED STATES SECURITIES AND EXCHANGE COMMISSION

          SECURITIES EXCHANGE ACT OF 1934
          Release No.   40650 / November 9, 1998

          ADMINISTRATIVE PROCEEDING
          File No.   3-9774

          ADMINISTRATIVE PROCEEDINGS INSTITUTED AGAINST LAWRENCE M. KNAPP

               The   Securities   and  Exchange  Commission  ("Commission")
          announced   today  that  it  instituted   public   administrative
          proceedings against  Lawrence  M.  Knapp  ("Knapp"),  age  56, of
          Arvada, Colorado.  Knapp was a registered representative formerly
          associated  with  the  Denver, Colorado office of Multi-Financial
          Securities  Corporation,   a   registered   broker-dealer.    The
          Commission  alleges  that  Knapp  admitted  in  a  criminal  plea
          agreement  that  he  misappropriated  $37,269  in  funds from two
          clients.  The Commission further alleges that Knapp  pled  guilty
          to  an  information  charging one count of wire fraud on July 15,
          1997, and was sentenced  by  the United States District Court for
          the  District  of  Colorado on September  23,  1997.   The  court
          sentenced Knapp to five  months  in  prison  and  three  years of
          probation, and ordered him to pay restitution.  United States  v.
          Lawrence  Marvin  Knapp, Case No. 97-CR-204-S (D. Colo. 1997).  A
          hearing will be scheduled  to  determine  whether the allegations
          against Knapp are true, and if so, what, if  any, remedial action
          is appropriate and in the public interest against  Knapp pursuant
          to  Sections  15(b) and 19(h) of the Securities Exchange  Act  of
          1934.

               For further information, please contact Donald M. Hoerl,
          Assistant District Administrator of the Commission's Central
          Regional Office, at (303) 844-1000.