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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Investment Advisers Act of 1940
Release No. 1582 / September 27, 1996

Administrative Release No. 3-9105

ADMINISTRATIVE PROCEEDINGS INSTITUTED AGAINST IRA WILLIAM SCOTT

The Securities and Exchange Commission has instituted public
administrative proceedings pursuant to Section 203(f) of the
Investment Advisers Act of 1940 (Advisers Act) against Ira
William Scott (Scott), who was doing business as a now-defunct
registered investment adviser under his name.  The Order
Instituting Proceedings (Order) alleges that, on December 1,
1992, the District Court of Porter County, Indiana (Court)
convicted Scott of nine felony counts involving the sale of
securities, including securities fraud, and four felony counts
for theft.  The Order further alleged that according to the
criminal information filed with the Court against Scott, on or
about May 13, 1987, Scott committed fraud by (i) selling the
securities of a corporation to investors without disclosing the
true financial condition and background of the corporation; and
(ii) guaranteeing a thirty-five percent interest on the
investment and full return of the principal investment within a
year.  According to the criminal information, between May 3 and
December 17, 1987, Scott misappropriated funds and property from 
certain parties, including several of the investors.

A hearing will be scheduled to determine what, if any, remedial
action is appropriate against Scott.