SECURITIES AND EXCHANGE COMMISSION


          LITIGATION RELEASE NO.   15986 / November 24, 1998

          SECURITIES  AND  EXCHANGE COMMISSION v. VINCENT SETTEDUCATE,
          97 Civ. 8472 (SAS) (S.D.N.Y.)

               The Securities and Exchange Commission ("Commission")
          announced today that on November 12, 1998, the United States
          District Court for the Southern District of New York entered
          a Final Consent Judgment of Permanent Injunction and Other
          Relief against Vincent Setteducate, a 40-year old resident
          of Massapequa, New York.  Without admitting or denying the
          allegations of the Commission's Complaint, Setteducate
          consented to be permanently enjoined from violating Section
          17(a) of the Securities Act of 1933 ("Securities Act"), and
          Section 10(b) of the Securities Exchange Act of 1934
          ("Exchange Act") and Rule 10b-5.

               The Commission's Complaint alleged that Setteducate
          fraudulently obtained at least $200,000 in a "prime bank"
          securities scheme.  Setteducate pleaded guilty to wire fraud
          in connection with the transactions alleged in the
          Commission's Complaint.  On May 5, 1998, Setteducate was
          sentenced to two years probation and ordered to pay $300,000
          in restitution.

               The Commission alleged that Setteducate violated the
          antifraud provisions of the federal securities laws, Section
          17(a) of the Securities Act, and Section 10(b) of the Exchange
          Act and Rule 10b-5.  The Commission sought a permanent injunction
          against future violations of those antifraud provisions,
          disgorgement of Setteducate's ill-gotten gains plus prejudgment
          interest, and civil penalties.  Setteducate was not required to
          pay disgorgement in this case because he had already been ordered
          to make restitution as part of his criminal sentence.  Civil
          penalties were not imposed because of Setteducate's demonstrated
          inability to pay them.

               For more information, see Litigation Release Number 15561
          (November 14, 1997).