U.S. Securities and Exchange Commission


     Litigation Release No. 15671 \ March 16, 1998

     SEC v. Ronald Monzione, et. al. (U.S.D.C. N.D. Illinois No. 96 C 6353)

          The Securities and Exchange Commission (Commission) announced that on
     March 4, 1998, the United States District Court for the Northern District
     of Illinois entered a Final Judgment and Order of Permanent Injunction
     Against James D. Rocco (Rocco), enjoining him from future violations of the
     registration and antifraud provisions of the securities laws contained in
     Sections 5 and 17(a) of the Securities Act of 1933, Sections 10(b), 15(a)
     and 15(c)(1) of the Securities Exchange Act of 1934 and Rules 10b-5 and
     15c1-2 thereunder.  The Order also requires Rocco to pay disgorgement in
     the amount of $77,683, but provides, however, that payment of the
     disgorgement is waived based on Rocco s demonstrated inability to pay. 
     Rocco consented to the entry of the Order without admitting or denying the
     allegations contained in the Commission s Complaint.

          The Complaint alleged that between 1983 and August 1992, Rocco and
     others offered and sold approximately $26.6 million of unregistered
     securities, in three types of purported investments:  1) high yielding
     certificates of deposits (CD s); 2) interests in a real estate investment
     fund; and 3) interest in a stock investment fund.  According to the
     Complaint, purchasers of the CD s were told that they were investing in
     nine month or thirty-six month jumbo CD s in which other investors also had
     interests and that the CD s were insured by the Federal Deposit Insurance
     Corporation.  The complaint further alleged that investors in the real
     estate investment fund were told they were investing in prime residential
     income producing properties, and that investors in the stock investment
     fund were told they were investing in blue chip stocks.  Rocco and others
     failed to disclose to investors, among other things, that investor funds
     would be used for personal and business expenses unrelated to the purported
     investments.

          The Commission also entered an Order Instituting Public Administrative
     Proceedings, Making Findings and Imposing Remedial Sanctions against Rocco
     on March 13, 1998.  Rocco consented to the issuance of the Order without
     admitting or denying the Commission s findings.  The Order bars Rocco from
     association with any broker, dealer, investment company, investment adviser
     or municipal securities dealer.











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