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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION


LITIGATION RELEASE NO. 14940 / June 10, 1996

SECURITIES AND EXCHANGE COMMISSION v. RONALD A. COHEN
3:93-CV-2257-T, USDC/ND TX [Dallas Division]

     The Securities and Exchange Commission ("Commission")
announced that on December 22, 1995, a Final Judgment as to
Ronald A. Cohen ("Cohen") was entered in United States District
Court for the Northern District of Texas. The Final Judgment
orders Cohen to pay disgorgement in the amount of $1,140,000,
representing the benefits he received from the conduct alleged in
the Commission's Complaint, plus pre-judgment interest in the
amount of $181,468; however, based on Cohen's demonstrated
financial inability to pay, payment of the disgorgement amount
plus prejudgment interest was waived. Further, based on Cohen's
financial inability to pay, the Court did not order him to pay a
civil penalty. 

     Cohen is currently in federal prison, serving 55 months in
confinement with three years supervised release, for conducting
an investment business in which he defrauded investors by lying
to investors about the value of their accounts and telling
investors he had made certain trades in their accounts when he
had not. 

     The criminal charges against Cohen were based on the same
activities alleged in a civil injunctive action brought by the
Commission on November 10, 1993, in which Cohen consented to the
entry of an order of permanent injunction enjoining him from
further violations of the broker-dealer registration and anti-
fraud provisions of the federal securities laws.
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FINAL JUDGMENT ENTERED AGAINST RONALD A. COHEN

     The Commission announced that on December 22, 1995, a Final
Judgment as to Ronald A. Cohen (Cohen) was entered in United
States District Court for the Northern District of Texas. The
Final Judgment orders Cohen to pay disgorgement in the amount of
$1,140,000, representing the benefits he received from the
conduct alleged in the Commission's Complaint, plus pre-judgment
in the amount of $181,468; however, based on Cohen's demonstrated
financial inability to pay, payment of the disgorgement amount
plus prejudgment interest was waived. Further, based on Cohen's
financial inability to pay, the Court did not order him to pay a
civil penalty. 

     Cohen is currently in federal prison serving 55 months in
confinement with three years supervised release for conducting an
investment business in which he defrauded investors by lying to
investors about the value of their accounts and telling investors
he had made certain trades in their accounts when he had not. 

     The criminal charges against Cohen were based on the same
activities alleged in a civil injunctive action brought by the
Commission on November 10, 1993, in which Cohen consented to the
entry of an order of permanent injunction enjoining him from
further violations of the broker-dealer registration and anti-
fraud provisions of the federal securities laws.


STEPHEN WEBSTER
District Trial Counsel
Fort Worth District Office
817/885-6459