UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     SECURITIES EXCHANGE ACT OF 1934
     Release No. 39005 / September 2, 1997   

     INVESTMENT ADVISERS ACT OF 1940
     Release No.  1656 / September 2, 1997   

     ADMINISTRATIVE PROCEEDING
     File No. 3-9387

     In the Matter of August Mezzetta

          The Commission announced that on September 2, 1997, it instituted
     public administrative proceedings against August Mezzetta ("Mezzetta").

          The Order Instituting Public Proceedings ("Order") alleges as follows: 
     On December 5, 1996, Mezzetta was convicted of conspiring to steal from an
     employee pension plan ("Plan") subject to Title I of the Employee
     Retirement Income Security Act of 1974 ("ERISA"), stealing from the Plan,
     making false statements and representations of fact and failing to disclose
     facts in documents provided to the Plan, and making false statements and
     representations of fact and failing to disclose facts in documents required
     by ERISA.  United States v. August Mezzetta, Judgment, Case No. 3:95CR2 (D.
     Conn. Dec. 5, 1996).  The conduct underlying Mezzetta's conviction occurred
     from approximately 1981 through 1991 while he was the president and co-
     owner of GB Resources, Inc., a registered investment adviser, and was
     associated with a broker-dealer.  On December 5, 1996, Mezzetta was
     sentenced to imprisonment for 87 months and ordered to pay a special
     assessment of $200.  On January 9, 1997, Mezzetta was ordered to pay
     $2,819,250 in restitution to the Plan.
       
          A hearing will be scheduled to determine whether the allegations are
     true and what, if any, remedial action is appropriate in the public
     interest against Mezzetta.


















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