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UNITED STATES SECURITIES AND EXCHANGE COMMISSION 

Litigation Release No. 14730 / November 27, 1995

Securities and Exchange Commission v. Robert Sayegh
89 Civ. 0572 (JFK), U.S.D.C., S.D.N.Y.      
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     The Securities and Exchange Commission announced today that
on November 1, 1995, the Honorable John F. Keenan, of the United
States District Court for the Southern District of New York,
permanently enjoined Robert Sayegh ("Sayegh") from further
violations of Section 10(b) of the Securities Exchange Act of
1934 ("Exchange Act") and Rule 10b-5 promulgated thereunder. 
After a two week bench trial, Judge Keenan made findings that
Sayegh violated Section 10(b) of the Exchange Act and Rule 10b-5
between October 1987 and February 1989, in connection with his
participation in the scheme, by various partners and employees of
the now defunct brokerage firm, Moore & Schley Cameron & Co.
("Moore & Schley"), to artificially manipulate the American
Depositary Receipts ("ADRs") of an Irish company, Institute of
Clinical Pharmacology ("ICP").  Judge Keenan found that Sayegh
maintained the price of ICP at an artificially high level for a
period of sixteen months by the use of numerous deceptive
devices, including "accumulating significant quantities of ICP
ADRs, ordering the ADRs placed in the accounts of customers whom
he knew would not pay for them, refusing to execute sell orders
for ICP and using nominees, or "beards," to create the illusion
of heightened demand for the securities. 

     Finally, Judge Keenan ordered Sayegh to disgorge his
unlawful gain from the ICP ADR manipulation, the amount of which
is to be determined based upon an audit performed by a Court-
appointed accountant.