UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     SECURITIES EXCHANGE ACT OF 1934 
     RELEASE NO. 39047 / September 10, 1997 

     ADMINISTRATIVE PROCEEDING FILE NO. 3-9402

          The United States Securities and Exchange Commission ("Commission")
     has instituted public administrative and cease-and-desist proceedings
     pursuant to Section 8A of the Securities Act of 1933 ("Securities Act") and
     Sections 15(b) and 21C of the Securities Exchange Act of 1934 ("Exchange
     Act") against Euro-Atlantic Securities, Inc. ("Euro-Atlantic"), a broker-
     dealer registered with the Commission since 1987, Brian A. Schmidt
     ("Schmidt"), Darlan E. Gordon ("Gordon"), John T. Madden ("Madden"),
     William Avent ("Avent"), and John Aristotle Dilworth II ("Dilworth"). 
     Euro-Atlantic is headquartered in Boca Raton, Florida and had a branch
     office in Chicago, Illinois.  Schmidt and Gordon were formerly associated
     with Euro-Atlantic as registered representatives.  Madden was the branch
     office manager of Euro-Atlantic's Chicago branch office and supervised
     Schmidt.  Avent and Dilworth were promoters.  The Order Instituting Public
     Administrative and Cease-and-Desist Proceedings alleges that between July
     and October 1995, through the Chicago branch office of Euro-Atlantic,
     Schmidt, Gordon, Avent, and Dilworth engaged in a scheme to defraud an
     investor of $300,000 in connection with a transaction involving a purported
     lease of $10 million in U.S. Treasury Bills in willful violation of the
     anti-fraud provisions of the Securities Act and Exchange Act.  The
     proceedings are also based upon allegations that Euro-Atlantic and Madden
     failed reasonably to supervise Schmidt.  A hearing will be scheduled to
     determine whether a cease-and-desist order and/or remedial sanctions and
     penalties will be imposed against the respondents.























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