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                     UNITED STATES OF AMERICA
                SECURITIES AND EXCHANGE COMMISSION


Securities Exchange Act of 1934
Release No. 37486 / July 26, 1996 

Administrative Proceedings File No. 3-9050

In The Matter Of Daniel D. Dietrich and Robert J. Judge

     On July 26, 1996, the Commission instituted public
administrative proceedings against Daniel D. Dietrich
("Dietrich") of Aberdeen, New Jersey and Robert J. Judge
("Judge") of New York, New York, pursuant to Sections 15(b) and
19(h) of the Securities Exchange Act of 1934 ("Exchange Act").

     The Order for Public Proceedings and Notice of Hearing
Pursuant to Sections 15(b) and 19(h) of the Securities Exchange
Act of 1934 (the "Order") alleges Dietrich and Judge were
permanently enjoined on December 8, 1993 by the United States
District Court for the Southern District of New York (the
"Court"), in an action entitled SEC v. Aqua Technologies, Inc.,
et al., 93 Civ. 8223 (WK) from further violations of Section
17(a) of the Securities Act of 1933 and Section 10(b) of the
Exchange Act and Rule 10b-5 thereunder.  The Commission's
Complaint in that action charged that Dietrich and Judge violated
the antifraud provisions of the Securities Act and the Exchange
Act by making materially false and misleading statements and
omissions to public investors in the offer and sale of Aqua
common stock.  The Complaint further alleged that Dietrich and
Judge diverted the proceeds of the Aqua offering to their own
use.

     The Order further alleges that the Court entered judgments
against Dietrich and Judge in the amount of $382,475,
representing the amount of the Aqua offering that Dietrich and
Judge diverted to their own use; $25,000 in civil penalties due
to the flagrant character of Dietrich and Judge's fraud; and
$72,554 in pre-judgment interest.  

     A hearing will be scheduled to determine what, if any,
remedial action is appropriate in the public interest against
Dietrich and Judge.