UNITED STATES SECURITIES AND EXCHANGE COMMISSION


     SECURITIES EXCHANGE ACT OF 1934
     Release No. 39003 / September 2, 1997

     ADMINISTRATIVE PROCEEDING 
     File No. 3-9385 

     ADMINISTRATIVE PROCEEDINGS INSTITUTED AGAINST NICHOLAS GIANDOMENICO AND
     SIMON DOMINIC BAIER

          The Commission instituted public administrative proceedings pursuant
     to Sections 15(b) and 19(h) the Securities Exchange Act of 1934 ("Exchange
     Act") against Nicholas Giandomenico ("Giandomenico") of Boca Raton, Florida
     and Simon Dominic Baier ("Baier") of Chicago, Illinois.  The Order alleges
     that between 1993 and 1995, while a registered representative at broker
     dealers in Florida and Massachusetts, Giandomenico accepted undisclosed
     commissions of $22,500 from Gary Salter ("Salter") or entities controlled
     by Salter, in exchange for Giandomenico's inducing his clients to purchase
     certain securities.  On January 23, 1997, Giandomenico was convicted for
     conspiracy to commit securities fraud in violation of Sections 10(b) and 32
     of the Securities and Exchange Act of 1934.  United States v. Giandomenico,
     Case No. 96-6147-CR-GONZALEZ (S.D. Fla. 1997).   

          The Order also alleges that in 1993 and 1994, while a registered
     representative at two Chicago registered broker-dealers, Baier accepted
     $9,500 in undisclosed commissions from Salter or entities controlled by
     Salter, in exchange for Baier's inducing his clients to purchase certain
     securities.  On January 15, 1997, Baier was convicted for conspiracy to
     commit securities fraud in violation of Sections 10(b) and 32 of the
     Securities and Exchange Act of 1934.  United States v. Baier, Case No. 96-
     6145CR-Zloch (S.D. Fla. 1997).

          A hearing will be scheduled to determine whether the allegations
     against Giandomenico and Baier are true, and if so, what sanctions, if any,
     are appropriate in the public interest against Giandomenico and Baier. 
















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