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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 14830 / March 1, 1996   


SECURITIES AND EXCHANGE COMMISSION v. MICHAEL J. MARKOWSKI AND
JOSEPH RICCIO, 95 Civ. 6931 (KTD) (S.D.N.Y.)


     The Commission announced today that the United States
District Court for the Southern District of New York entered
final judgments against defendants Michael J. Markowski
("Markowski") and Joseph Riccio ("Riccio") permanently enjoining
them each from future violations of Section 17(a) of the
Securities Act of 1933, and Section 10(b) of the Securities
Exchange Act of 1934 and Rules 10b-5 and 10b-6 thereunder.  In
the final judgments, the Court waived civil penalties based upon
Markowski's and Riccio's demonstrated inability to pay.  Each
defendant consented to the entry of the final judgment against
him without admitting or denying the allegations in the
Complaint.  The final judgments were entered by the Court on
February 12, 1996.

     In this action, the Commission alleged that the defendants
manipulated the market for the securities of three issuers while
they were principals of a now defunct brokerage firm, Global
America, Inc. ("Global").  Specifically, in February 1990, June
1990 and September 1990, Global underwrote the initial public
offerings ("IPOs") of common stock and units of Capucino's Inc.
("Capucino's), Mountaintop Corp. ("Mountaintop"), and Auto Depot
Inc. ("Auto Depot").  The Commission alleged that Markowski and
Riccio manipulated the market for these securities through
Global's high pressure sales tactics, its domination and control
of the market for these securities, and its refusal to execute
customer sell orders.  Global's registered representatives, under
the direction and supervision of Markowski and Riccio, solicited
purchases of aftermarket common shares before the effective date
of each of the IPOs and tied the purchase of aftermarket shares
to the units, according to the Complaint.  The markets for the
securities of Capucino's, Mountaintop, and Auto Depot collapsed
in January 1991, when Global ceased its market making activities.

     For further information, see Litigation Release No. 14615  
(August 24, 1995).