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             U.S. Securities and Exchange Commission

Investment Advisers Act of 1940 
Release No. 1533 / October 31, 1995 
      
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Administrative Proceeding
File No. 3-8874


In the Matter of Brian Jeffrey Sheen  

     The Securities and Exchange Commission ("Commission")
instituted public administrative and cease-and-desist proceedings
pursuant to Sections 203(f) and 203(k) of the Investment Advisers
Act of 1940 ("Advisers Act") against Brian Jeffrey Sheen
("Sheen") of Boca Raton, Florida.  Sheen was the president, CEO,
and sole shareholder of Sheen Investment Advisory Services, Inc.
("SIAS"), formerly an investment adviser registered with the
Commission from December 1986 to February 1995.

     The Order Instituting Public Proceedings ("Order") alleges
that, from various times beginning on at least February 1988
through at least December 1994, SIAS violated Sections 204,
206(2), and 206(4) of the Advisers Act, and Rules 204-1(b)(1),
204-2, 204-3(c), 206(4)-1(a)(5), 206(4)-2 and 206(4)-4(a)(2)
thereunder, and Sheen willfully aided and abetted and caused such
violations, in that they: (i) distributed materially false and
misleading advertisements; (ii) failed to fully disclose all
compensation received in connection with the recommendation and
sale of limited partnership units; (iii) used written contracts
for advisory services which contained improper clauses in
violation of fiduciary standards; (iv) failed to have clients'
funds in their custody and possession verified by accountant
surprise examinations; (v) failed to provide quarterly itemized
statements; (vi) failed to promptly amend Form ADV to make
required disclosures; (vii) failed to disclose material
disciplinary events; (viii) failed to annually deliver or make
written offer to deliver disclosure statements to advisory
clients; and (ix) failed to make and keep true and accurate and
current books and records relating to SIAS' investment advisory
business.

     A hearing will be scheduled to determine whether the
allegations against Sheen are true, and, if so, to determine
what, if any, remedial actions, including the entry of cease-
and-desist orders and the payment of administrative money
penalties, are appropriate.