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                SECURITIES AND EXCHANGE COMMISSION
                         WASHINGTON, D.C.

LITIGATION RELEASE NO. 14778 / January 11, 1996

SECURITIES AND EXCHANGE COMMISSION and COMMODITY FUTURES TRADING
COMMISSION v. MICHAEL TROPIANO d/b/a ARDMORE FINANCIAL SERVICES,
Civil Action No. 96-CV-228 (JEI)(D.N.J.)

     The Securities and Exchange Commission and the Commodity
Futures Trading Commission today filed a joint civil injunctive
action in the United States District Court for the District of
New Jersey (Camden Division) against Michael Tropiano d/b/a
Ardmore Financial Services, alleging violations of the antifraud,
securities registration, broker-dealer registration, and
commodity pool operator registration provisions of the Securities
Act of 1933, Securities Exchange Act of 1934, and Commodity
Exchange Act.  Simultaneously with the filing of the action, the
defendant consented to the entry of a Preliminary Injunction
which enjoins him from engaging in violations of those
provisions, freezes his personal assets as well as all investor
funds under his possession or control, and orders him to account
for the use of investor funds.  In addition, the U.S. Attorney
for the District of New Jersey today filed a criminal complaint
charging Tropiano with mail fraud for the activities underlying
this civil action.

     The Complaint alleges that the defendant, a resident of
Haddonfield, New Jersey, has engaged in a scheme to defraud
investors by offering and selling securities in the form of
investment contracts in pools purportedly formed for the purpose
of funding commodity futures trading.  From 1989 through 1995,
the defendant raised approximately $2.9 million from 118
investors.  The amounts invested ranged from $2000 to more than
$250,000.  After initially conducting some commodity futures
trading, the defendant in 1992 ceased all trading activity. 
Tropiano thereafter generated false account statements reflecting
fictitious profitable trades and continued to raise money from
investors by falsely representing that he had engaged in
profitable trading.  

     According to the Complaint, Tropiano deposited the invested
money into bank accounts he controlled, from which he
misappropriated approximately $1.5 million for his own use. 
Tropiano failed to register the investment contract securities
with the Securities and Exchange Commission, failed to register
as a broker-dealer, and failed to maintain his commodity pool
operator registration with the Commodity Futures Trading
Commission.  The Complaint charged that by this conduct, Tropiano
violated Sections 5 and 17(a) of the Securities Act of 1933,
Sections 10(b) and 15(a) of the Securities Exchange Act of 1934
and Rule 10b-5 thereunder, and Sections 4b(a), 4m, 4o, and 9(a)
of the Commodity Exchange Act.

     Pursuant to the Preliminary Injunction, to which he
consented, Tropiano is enjoined from further violations of the
provisions of law set forth above.  In addition, the order
freezes his personal assets and the remaining investor funds,
requires him to sell his house, cars, and other assets for the
purpose of compensating defrauded investors, and orders him to
account for funds placed under his control.

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     The Securities and Exchange Commission wishes to acknowledge
the assistance of the Office of the United States Attorney in
Camden, New Jersey, and the Federal Bureau of Investigation in
this matter.