UNITED STATES OF AMERICA
                            Before the
                SECURITIES AND EXCHANGE COMMISSION


SECURITIES EXCHANGE ACT OF 1934
Release No. 34-36642 / December 27, 1995

ADMINISTRATIVE PROCEEDING
File No. 3-8903

______________________________
                              :
In the Matter of              :    ORDER INSTITUTING PUBLIC
                              :    ADMINISTRATIVE PROCEEDING
DANIEL L. OSBORN              :    PURSUANT TO SECTIONS 15(b)
                              :    AND 19(h) OF THE SECURITIES
                              :    EXCHANGE ACT OF 1934, MAKING
                              :    FINDINGS, AND IMPOSING 
                              :    REMEDIAL SANCTIONS
______________________________:

                                I.

     The Securities and Exchange Commission ("Commission") deems
it appropriate and in the public interest to institute a public
administrative proceeding pursuant to Sections 15(b) and 19(h) of
the Securities Exchange Act of 1934 ("Exchange Act") against
Daniel L. Osborn ("Daniel Osborn" or "Respondent").  Accordingly,
IT IS HEREBY ORDERED that said proceeding be, and hereby is,
instituted.

                               II.

     In anticipation of the institution of this proceeding,
Respondent has submitted an Offer of Settlement ("Offer") to the
Commission which the Commission has determined to accept.  Solely
for the purpose of this proceeding and any other proceedings
brought by or on behalf of the Commission, or in which the
Commission is a party, without admitting or denying the findings
contained herein, except that Respondent admits the jurisdiction
of the Commission over him and over the subject matter of this
proceeding and the entry of a Judgment of Permanent Injunction
and Other Relief against him, the Respondent consents to the
entry of the findings and remedial sanctions set forth below.

                               III.

     On the basis of this Order and Respondent's Offer, the
Commission finds that:

     A.   From January 1989 to June 1992, Daniel Osborn was a
registered representative and the owner, officer, director and
controlling person of DLO Securities, Inc. ("DLO"), a firm
registered with the Commission as a broker-dealer, and located in
Irvine, California.

     B.   A Judgment of Permanent Injunction and Other Relief
("Judgment") was entered in the United States District Court for
the Central District of California against Daniel Osborn on
October 13, 1995.  The Judgment permanently enjoins Respondent
Daniel Osborn from future violations of Section 17(a) of the
Securities Act of 1933 ("Securities Act") and Sections 10(b),
15(b) and 15(c)(1) of the Exchange Act and Rules 10b-5, 15b3-1
and 15c1-2 thereunder and Sections 206(1) and 206(2) of the

-------------------- BEGINNING OF PAGE #2 -------------------

Investment Advisers Act of 1940.  SEC v. Daniel L. Osborn, Civil
Action No. CV 95-1014 RJK (C.D. Cal.).

     C.   The Commission's Complaint filed in the action
described above alleges, among other things, that beginning in
1989 and continuing through 1990, Defendant Daniel L. Osborn
participated in a fraudulent scheme with Steven D. Wymer
("Wymer") and the investment advisers controlled by Wymer, Denman
& Co. and Institutional Treasury Management, Inc. (collectively
"ITM").  Wymer assisted Osborn financially in forming a broker-
dealer, DLO.  Osborn failed to disclose Wymer's interest in DLO
on its Form BD.  Osborn, through DLO, charged two ITM advisory
clients fraudulent, excessive, undisclosed markups on United
States government securities.  Osborn paid Wymer a portion of the
fraudulent profits from these transactions.  Osborn, through DLO,
also charged ITM excessive, undisclosed markups and similarly
failed to disclose the excessive markups.

                               IV.

     Based upon the foregoing, the Commission deems it
appropriate and in the public interest to impose the sanctions
specified in the Respondent's Offer of Settlement.

     Accordingly, IT IS HEREBY ORDERED, effective immediately,
that Respondent Daniel Osborn is barred from association with any
broker, dealer, investment adviser, investment company, or
municipal securities dealer, with a right to reapply in three
years with the appropriate self-regulatory agency or where there
is none to the Commission. 

     By the Commission.



                                   Jonathan G. Katz
                                   Secretary