Securities Exchange Act of 1934
Release No. 49272 / February 18, 2004

Investment Advisers Act of 1940
Release No. 2217 / February 18, 2004

Administrative Proceedings
File No. 3-11403

The Securities and Exchange Commission ("Commission") announced that on February 18, 2004, it issued an Order Instituting Administrative Proceedings against John F. Turant, Jr. Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940 (the "Order") based on a final judgment entered by the Honorable Richard P. Conaboy on January 29, 2004, in the United States District Court for the Middle District of Pennsylvania. The final judgment, among other things, permanently enjoins Turant from violating Sections 5(a), 5(c) and 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 thereunder.

In the Order, the Division of Enforcement ("Division") alleges that the Commission filed a Complaint against Turant in 2003 in the United States District Court for the Middle District of Pennsylvania alleging violations of the federal securities laws, including the antifraud provisions. The Division alleges that Turant was a registered representative with multiple broker-dealers and that Turant was affiliated with an investment adviser registered in Pennsylvania. The Division further alleges that on January 29, 2004, United States District Judge Richard P. Conaboy granted the Commission's Application for Judgment by Default in that litigation and entered a final judgment permanently enjoining Turant from violating the aforementioned provisions of the Securities Act and the Exchange Act, ordering Turant to pay disgorgement and prejudgment interest of $1,742,118.62 (jointly and severally with his co-defendants), and ordering Turant to pay a civil penalty in the amount of $120,000. A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Turant an opportunity to dispute these allegations, and to determine what sanctions, if any, are appropriate and in the public interest. As directed by the Commission, an administrative law judge shall issue an initial decision in this matter within 210 days from the date of service of the Order Instituting Proceedings.