Bernadette Stevens a/k/a Bernadette Stevens Bell

Securities Exchange Act of 1934
Release No. 45092 / November 21, 2001

Administrative Proceeding
File No. 3-10645

ADMINISTRATIVE RELEASE

ADMINISTRATIVE PROCEEDINGS INSTITUTED AGAINST BERNADETTE STEVENS a/k/a BERNADETTE STEVENS BELL

The Securities and Exchange Commission ("Commission") announced that on November 21, 2001, it issued an Order Instituting Public Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 against Bernadette Stevens ("Stevens") a/k/a Bernadette Stevens Bell of Broward County, Florida.

In the Order, the Division of Enforcement ("Division") alleges that the Commission filed suit against Stevens in 1998, alleging violations of the federal securities laws, including the antifraud provisions. The Division also alleges that Stevens consented to a permanent injunction, entered in January 2001, against future violations of the antifraud provisions in an underlying civil injunctive action brought by the Commission.

A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Stevens an opportunity to dispute these allegations, and to determine what sanctions, if any, are appropriate and in the public interest.