SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.


     Litigation Release No. 15632 / January 30, 1998

     Accounting and Auditing Enforcement
     Release No. 1009

     SECURITIES AND EXCHANGE COMMISSION v. DONALD FERRARINI, BRUNO RUMIGNANI,
     HOWARD MILLER, MARK BAILINE, and FRANK PALUMBO, 98 Civ. 0629 (SWK)
     (S.D.N.Y. January 29, 1998)

     The Securities and Exchange Commission announced today that defendant Mark
     Bailine ("Bailine") consented to the entry of a final judgment against him
     in SEC v. Donald Ferrarini, et al., a civil injunctive action filed
     yesterday in federal court in Manhattan.

     In its complaint, the Commission alleges that Bailine and the other
     defendants engaged in a fraudulent scheme whereby they falsely portrayed
     the financial condition of Underwriters Financial Group, Inc. ("UFG"), a
     now bankrupt insurance brokerage firm, for the years ended December 31,
     1993 and December 31, 1994 and the quarters ended March 31, 1994, June 30,
     1994, September 31, 1994 and March 31, 1995.  The complaint also alleges
     that Bailine and the other defendants, directly or indirectly, made false
     entries on UFG's books and records and made material misrepresentations to
     UFG's auditors.  At the time of the events alleged in the complaint,
     Bailine was UFG's vice president of finance and administration.

     Without admitting or denying the allegations in the complaint, Bailine
     consented to the issuance of a final judgment permanently enjoining him
     from committing future violations of Sections 10(b) and 13(b)(5) of the
     Exchange Act and Rules 10b-5, 13b2-1 and 13b2-2.  Bailine also agreed to
     pay a civil money penalty of $10,000.

     For more information see Litigation Release No. 15629; Accounting and
     Auditing Enforcement Release No. 1008.
















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