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                     UNITED STATES OF AMERICA
                            Before the
                SECURITIES AND EXCHANGE COMMISSION


INVESTMENT ADVISERS ACT OF 1940
Release No. 1580 / September 19, 1996

ADMINISTRATIVE PROCEEDING
File No. 3-9047


                                                                 
-------------------------------
                                :    
In the Matter of                :   
                                :  ORDER MAKING FINDINGS AND
                                :  IMPOSING REMEDIAL SANCTIONS
WAYNE A. MAKI                   :  PURSUANT TO SECTION 203(f)
                                :  OF THE INVESTMENT ADVISERS
                   Respondent.  :  ACT OF 1940
                                :  
                                :
---------------------------------

                                I.

     On July 26, 1996 the Commission deemed it appropriate and in
the public interest to institute proceedings pursuant to Section
203(f) of the Investment Advisers Act of 1940 ("Advisers Act")
against Wayne A. Maki ("Maki")("Order Instituting
Proceedings").-[1]-

     In response to the institution of these administrative
proceedings, Maki has submitted an Offer of Settlement which the
Commission has determined to accept.  Solely for the purpose of
these proceedings and any other proceeding brought by or on
behalf of the Commission or to which the Commission is a party,
and without admitting or denying the findings herein, except for
those set forth in Section II.(C) below, which Maki admits, Maki
consents to the entry of this Order Making Findings and Imposing
Remedial Sanctions ("Order").






---------FOOTNOTES----------
     -[1]-     See In the Matter of Wayne A. Maki, Order
Instituting Public Administrative Proceedings Pursuant to Section
203(f) of the Investment Advisers Act of 1940, Admin. Proc. File
No. 3-9047, July 26, 1996.
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                               II.

     On the basis of this Order and the Respondent's Offer of
Settlement, the Commission makes the following findings:
-[2]-

     A.   IDS Financial Corporation (IDS) is a Delaware
corporation, with its principal place of business in Minneapolis,
Minnesota.  IDS is owned by American Express and is the parent of
thirty-seven affiliates, many of which are registered investment
companies.  These investment companies are advised by IDS and IDS
Financial Services, Inc. (Financial Services), both of which are
registered investment advisers.

     B.   Maki, age 32, at all relevant times resided in Dayton,
Minnesota.  Currently, Maki is an inmate at the Lino Lakes
Correctional Facility in Lino Lakes, Minnesota serving an eleven-
year prison sentence.  From approximately May 1986 through June
1993, Maki was employed as a tax accountant in IDS' corporate tax
department.  Maki also worked with Financial Services and IDS
Mutual Funds Group (Mutual Funds Group) to escheat abandoned
accounts of investment company shareholders and investment
advisory clients.  As such, Maki had access to abandoned
investment advisory client accounts and investment company
shareholder accounts.

     C.   On May 23, 1994, Maki was convicted by the State of
Minnesota, County of Hennepin, District Court of eight counts of
theft by swindle ("embezzlement, Minn. Stat. Sec. 609.52 subdiv.
2(4), 3(1) and 3(2)).  This conviction resulted from Maki's
embezzlement of approximately $1 million over a two-year period
from the investment advisory clients of IDS and the clients and
shareholders of two of IDS' affiliates, Financial Services and
Mutual Funds Group.  The Honorable Ann Montgomery sentenced Maki
to eleven years in prison and ordered him to pay restitution of
approximately $1 million.










---------FOOTNOTES----------
     -[2]-     The findings herein are made pursuant to Wayne A.
Maki's Offer of Settlement and are not binding on any other
person or entity named as a respondent in this or any other
proceeding.
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                               III.

Accordingly, IT IS HEREBY ORDERED, effective immediately: 

     That Maki be barred from association with any broker,
dealer, investment company, investment adviser, or municipal
securities dealer.  

     For the Commission, by its Secretary, pursuant to delegated
authority.





                                       Jonathan G. Katz
                                       Secretary