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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 
Litigation Release No. 15077 / September 26, 1996   

SEC v. Richard T. Taylor, Civil Action No. 96-0404-S.BLW, 
U.S.D.C. Idaho

     The Securities and Exchange Commission ("Commission")
announced today that a complaint was filed by the Commission on
September 12, 1996 in the United States District Court for the
District of Idaho against Richard T. Taylor ("Taylor") for his
failure to pay $20,000 of the $40,000 disgorgement ordered by the
Commission March 22, 1995 [In the Matter of Richard T. Taylor,
Administrative Proceeding File No. 3-8408].  The complaint
requests the Court to issue an order, pursuant to Section 21(e)
of the Exchange Act, requiring Taylor to comply with the
Commission's Order by paying the second installment of $20,000
forthwith.  If Taylor fails to pay the disgorgement in a timely
manner, the Commission has asked the Court to hold Taylor in
contempt of Court.

     In its March 22, 1995 Order, the Commission found that,
during 1988 through 1991, Taylor engaged in a scheme with a
registered broker-dealer, Synovus Securities, Inc. ("Synovus")
and Clark L. Reed, Jr., president of Synovus, to be
interpositioned in 153 municipal bond transactions involving
customers of Synovus.  When Synovus' customers were buying bonds,
Taylor was able to purchase the bonds from other broker-dealers
and sell them to Synovus at a profit.  The Commission found that
all of the trades in which Taylor was interpositioned were
riskless principal transactions, and that Synovus customers were
defrauded by the interpositioning scheme.  The Commission ordered
Taylor to pay disgorgment in the amount of $325,000 with payment
of all but $40,000 of the ill-gotten proceeds to be waived.
  
     As set forth in the current complaint, Taylor has failed to
comply with the terms of the Commission's Order.  Taylor was
ordered to pay $40,000 in two installments of $20,000 each.  The
first payment was to be made within thiry (30) days and the
second installment of $20,000 was scheduled to be paid within 6
months of Taylor's receipt of the Order.  Taylor failed to make
the second payment of $20,000 which should have been paid no
later than the end of September 1995.