UNITED STATES OF AMERICA
                            Before The
                SECURITIES AND EXCHANGE COMMISSION




SECURITIES EXCHANGE ACT OF 1934
Release No. 37082 / April 8, 1996  

Administrative Proceeding 
File No.  3-8835

-------------------------
                         :
In the Matter of         :    ORDER MAKING FINDINGS AND
                         :    IMPOSING SANCTIONS PURSUANT
CALVIN L. WORD           :    TO SECTIONS 15(b) and 19(h) OF
                         :    THE SECURITIES EXCHANGE ACT OF
                         :    1934
-------------------------            



                                I.

     The Securities and Exchange Commission ("Commission") has
instituted an administrative proceeding pursuant to Sections
15(b) and 19(h) of the Securities Exchange Act of 1934 ("Exchange
Act"). -[1]- Calvin L. Word ("Word") has submitted an Offer
of Settlement ("Offer") which the Commission has determined is in
the public interest to accept.

                               II.

     Solely for the purpose of this proceeding and any other
proceeding brought by or on behalf of the Commission or to which
the Commission is a party, Word admits the jurisdiction of the
Commission over him and the subject matter of this administrative
proceeding, and, without admitting or denying any of the findings
contained herein, except those contained in Section III,
Paragraphs A and B, consents to the entry of this Order Making
Findings And Imposing Sanctions ("Order") providing for the
findings set forth in Section III below and the remedial
sanctions set forth in Section IV below. 





---------FOOTNOTES----------
     -[1]-     The  administrative  proceeding was  instituted on
               September 28, 1995.
==========================================START OF PAGE 2======

                               III.

     On the basis of this Order and the Offer by Word, the
Commission finds that: -[2]-

     A.   Word was associated with First Alliance Securities,
          Inc. ("First Alliance"), a registered broker-dealer, as
          its vice president from in or about February 1989 to in
          or about August 1989. 

     B.   On October 27, 1994, Word was convicted in the United
          States District Court for the Northern District of
          Georgia in United States v. William Lincoln, et al.,
          Crim. Action No. 1:93-CR-0506 (N.D. Ga.) of conspiracy
          to commit securities fraud, based upon his conduct, in
          connection with the sale of penny stock, while
          associated with First Alliance.  On March 8, 1995 Word
          was sentenced to sixty months imprisonment, three years
          supervised release, and joint and several restitution
          of $2.5 million.

     C.   The count of the indictment of which Word was convicted
          alleged that he made, and caused the First Alliance
          sales staff to make, material misrepresentations
          concerning the liquidity, suitability, and level of
          risk of stocks promoted by First Alliance, the current
          available market prices for those stocks, the reasons
          for increases or decreases in the prices of those
          stocks, the operations, financial condition and
          prospects of the purported issuers of those stocks, and
          the amounts charged by the firm for executing trades,
          and that Word omitted, and caused others to omit, to
          tell First Alliance customers that First Alliance had a
          policy prohibiting net-selling.

                               IV.

     Based upon the foregoing, the Commission deems it
appropriate and in the public interest to impose the sanctions
specified by Word in his Offer. 

     Accordingly, IT IS HEREBY ORDERED that Calvin L. Word be,
and hereby is, barred from association with any broker, dealer, 




---------FOOTNOTES----------
     -[2]-     The findings  herein are made  pursuant to  Word's
               Offer  and are not binding  on any other person or
               entity named as a respondent  in this or any other
               proceeding.
==========================================START OF PAGE 3======

municipal securities dealer, investment adviser or investment
company, effective immediately.

     IT IS HEREBY FURTHER ORDERED that Calvin L. Word be, and
hereby is, barred from participating in an offering of penny
stock.

     For the Commission, by its Secretary, pursuant to delegated
authority.



                                                                 
                                   Jonathan G. Katz
                                   Secretary