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             U.S. Securities and Exchange Commission


Litigation Release No.14845 / March 14, 1996

Securities & Exchange Commission v. Ralph E. McKittrick
(United States District Court for the District of Maryland, Civil
Action No. HAR-90-2385)

     The Securities and Exchange Commission announced that on
February 5, 1996, the Honorable John R. Hargrove of the United
States District Court for the District of Maryland entered a
Final Judgment and Order against Ralph E. McKittrick
("McKittrick"), a director, chairman and fifty-percent
shareholder of McKittrick & Briggs Securities, Inc., a New York
corporation that, from June 1981 to March 1991, was registered
with the Commission as a broker-dealer.  The Final Judgment
permanently enjoins McKittrick from future violations of the
antifraud provisions of the federal securities laws, and requires
him to disgorge $1,933,372, together with prejudgment interest
thereon.  The payment of disgorgement is waived, however, based
upon McKittrick's present inability to pay as established through
his sworn Statement of Financial Condition and his deposition. 
McKittrick consented to the Final Judgment and Order without
admitting or denying the allegations in the Commission's
Complaint.

     The Complaint, which was filed on September 11, 1990,
alleged that, from May 1983 through November 1987, McKittrick
participated in a fraudulent offering of over $50 million of
unregistered securities issued by Governmental Financial
Services, Inc. ("GFS").  The securities, which were offered
through different investment programs, represented interests in
equipment leases serviced by GFS.