SECURITIES AND EXCHANGE COMMISSION

          LITIGATION RELEASE NO. 15915 / September 30, 1998

          SECURITIES AND EXCHANGE COMMISSION v. RITA K. SAVLA, Civil Action
          No. 98-CV-119 84 (EFH) (D. Mass.)

                   FORMER H.J. MEYERS BROKER SETTLES FRAUD CHARGES

          The Commission announced that it filed a complaint today against
          Rita K. Savla of Toledo, Ohio, a former broker at the Boston
          office of H.J. Meyers & Co., Inc., for engaging in a free-riding
          scheme which resulted in trading losses of approximately
          $162,000.  Free-riding is a pattern of purchasing securities in
          accounts in which there were not sufficient funds to pay for the
          securities and which had no means of paying for the shares except
          through the sale of the same shares.  Without admitting or
          denying the allegations in the Commission's Complaint, Savla has
          agreed to be permanently enjoined from violating the antifraud
          and credit extension provisions of the federal securities laws.
          The Commission also sought disgorgement but it has been waived in
          view of Savla's demonstrated financial inability to pay.  Savla
          has also agreed to be barred from the securities industry.

          The Complaint alleges that during June and July 1996, Savla
          purchased 58,000 shares of Palomar Medical Technologies, Inc.
          stock and 18,000 shares of Atmel Corporation stock in nominee
          accounts at a cost of more than $1.25 million, without any
          intention or ability to pay for the purchases.  Savla lied about
          the nominees' financial, employment and investment background,
          and created the false impression that they could afford to
          purchase large amounts of securities on a cash basis.  The free-
          riding scheme collapsed when, after several successful free
          rides, the price of the stock she purchased dropped before it
          could be sold, leaving approximately $162,000 in losses.

          In a related matter, the Commission instituted administrative and
          cease and desist proceedings against H.J. Meyers and Tobin J.
          Senefeld of Crestwood, Kentucky, the former branch manager of
          H.J. Meyers' Boston branch office and Savla's supervisor.  The
          Commission's Order alleges that when Savla told Senefeld about
          her scheme and the profits that she had made, he participated in
          the free-riding scheme rather than stopping it.  The Commission's
          Order alleges that Senefeld purchased an additional 30,000 shares
          of stock in nominee accounts at a cost of $364,825 without any
          intention or ability to pay for the purchases.  Senefeld's
          trading left customer accounts with approximately $49,000 in
          losses.

          The Commission charged H.J. Meyers with failing reasonably to
          supervise Savla and Senefeld.  The Order alleges that H.J. Meyers
          received indications of possible free-riding in its Boston branch
          office but failed to investigate or take any action.  The
          Commission also charged H.J. Meyers with failing to cancel or
          liquidate on a timely basis purchases of stock in accounts used
          by Savla and Senefeld for free-riding.