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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No.  14780 / January 11, 1996

Securities and Exchange Commission v. Dillon, et al., Dkt. No.
2:89CV00424 (PCD) (D. Conn.)

     The Securities and Exchange Commission ("Commission") 
announced that William J. Dillon ("Dillon") has settled the
Commission's outstanding judgment for disgorgement against him. 
Under the settlement, Dillon satisfied the Commission's judgment
for disgorgement of $279,680.94 by paying $10,000, and the
Commission waived further payment based on Dillon's demonstrated
inability to pay. 

     The Commission's Complaint, filed July 11, 1989, alleged
that from October 1986 through July 1988, Dillon and others
violated the antifraud provisions of the federal securities laws
by purchasing securities while in possession of misappropriated
material nonpublic information concerning the contents of
forthcoming editions of BusinessWeek magazine.  

     On May 13, 1992, Dillon was permanently enjoined by the
United States District Court for the District of Connecticut from
further violations of Section 10(b) of the Securities Exchange
Act of 1934 and Rule 10b-5 thereunder.  On October 23, 1992, the
district court ordered that Dillon disgorge his illegal trading
profits of $279,680.94.  Additionally, based on the same
underlying facts as the Commission's action, Dillon pled guilty
to one count of wire fraud in each of two criminal actions
brought in federal district court in Connecticut and New York
City, and served two concurrent six month terms of incarceration. 
On September 13, 1993, in related Commission administrative
proceedings, Dillon was barred from association with any broker,
dealer, investment company, investment adviser or municipal
securities dealer.

Prior references:   Lit. Rel. Nos. 13035 and 12157