UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                  LITIGATION RELEASE NO.  15965 / October 29, 1998

             SECURITIES AND EXCHANGE COMMISSION v. ARJUN SEKHRI, ET AL.
                          No. 98-Civ-2320 (RPP) (S.D.N.Y.)

                  TWO PLEAD GUILTY, DISGORGE $1.1 MILLION AND CONSENT TO
                         FINAL JUDGMENTS IN INSIDER TRADING CASE

               The Commission announced that the Honorable Robert P.
          Patterson, United States District Judge for the Southern District
          of New York, entered Final Judgments of Permanent Injunction
          against Gordon Cochrane and Fuad Dow in this insider trading case
          on October 14 and October 19, 1998, respectively.  In its
          complaint, the Commission alleged that Arjun Sekhri, then an
          investment banker at Salomon Smith Barney Inc. in New York City,
          tipped Dow, his former college roommate, with information about
          six major corporate transactions before the transactions were
          announced to the public.  Dow gave the information to Cochrane.
          Cochrane and Dow bought common stock, call options, or both, in
          the companies involved before the public announcements (LR-15691,
          April 1, 1998).

               The judgment against Cochrane orders him to disgorge trading
          profits and prejudgment interest of approximately $684,000.  The
          judgment against Dow orders him to disgorge trading profits of
          approximately $469,000.  The judgments enjoin Cochrane and Dow
          from violating Sections 10(b) and 14(e) of the Securities
          Exchange Act of 1934 and Rules 10b-5 and 14e-3 thereunder.  The
          Commission did not seek penalties against Cochrane or Dow, and
          waived disgorgement of additional profits from Dow, based on
          their demonstrated inability to pay additional amounts.  Cochrane
          and Dow consented to the entry of the judgments without admitting
          or denying the Commission's allegations.Cochrane and Dow earlier
          pled guilty to criminal charges involving the same conduct.
          (United States v. Cochrane, No. 98 Cr. 740 (S.D.N.Y., plea
          entered July 16, 1998); United States v. Dow, No. 98 Cr. 635
          (S.D.N.Y., plea entered June 25, 1998).

               The Commission's claims against the remaining defendants are
          still pending.