==========================================START OF PAGE 1======


                     UNITED STATES OF AMERICA
                            before the
                SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934
Rel. No. 38040 / December 11, 1996

Admin. Proc. File No. 3-9050
___________________________________
                                   :
          In the Matter of         :
                                   :
          ROBERT J. JUDGE          :
                                   :
___________________________________:

ORDER THAT INITIAL DECISION HAS BECOME FINAL

     The time for filing a petition for review of the initial
decision in this proceeding has expired.  No such petition has
been filed, and the Commission has not chosen to review the
decision on its own initiative.

     Accordingly, notice is hereby given, pursuant to Rule 360(e)
of the Commission's Rules of Practice, that the initial decision
of the administrative law judge */ has become the final
decision of the Commission.  The order contained in that decision
bars Robert J. Judge from association with any broker or dealer
or with a member of a national securities exchange or registered
securities association.  That order is hereby declared effective.

     For the Commission by the Office of General Counsel,
pursuant to delegated authority.



                                        Jonathan G. Katz
                                           Secretary









                                                                 

*/   Robert J. Judge, Initial Decision Release No. 100 (November
     7, 1996), __ SEC Docket ___.