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                SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.

Litigation Release No. 14923 / May 29, 1996

SEC v. NIR KANTOR, et al., Civil Action No. 96 Civ. 4012(SWK)
(S.D.N.Y.  May 29, 1996)

     On May 29, 1996, the Commission filed an insider trading
action against a former compliance officer of Bankers Trust
Securities Corp., Nir Kantor, and his second cousin, Hanan
Waizman, alleging that they made illegal profits of $50,000 on
purchases of call option contracts for the common stock of
Caesars World, Inc. shortly before the December 19, 1994 public
announcement of ITT Corp.'s tender offer for Caesars.

     According to the complaint, defendant Nir Kantor learned of
the proposed tender offer in the course of his employment as
assistant vice president in the compliance department of Bankers
Trust Securities, a registered broker dealer.  Banker's Trust
Securities served as a financial advisor to ITT in the tender
offer, and its parent, Bankers Trust New York Corporation, served
as ITT's investment banker.

     The Commission alleged that in breach of his duties of trust
and confidence to his employer, Kantor tipped Waizman, his second
cousin, who then purchased Caesars call option contracts for
himself and Kantor.

     According to the complaint, Kantor learned of a possible
merger involving the two companies in a Bankers Trust Securities
compliance department meeting on December 7, 1994.  ITT and
Caesars executed a confidentiality agreement on December 16, and
later that day BT's legal department informed BT's compliance
department that it expected an announcement to be made on
December 19 regarding ITT's cash tender offer for Caesars. 
Kantor placed two telephone calls to Waizman on December 16, and
later that afternoon Waizman purchased 26 Caesars January 50 call
option contracts at a cost of $3,862.50 in his account at Charles
Schwab & Co., Inc.  Kantor deposited four personal money orders
totalling $4,000 in Waizman's account to pay for the options.
 
     The complaint further alleges that on December 13, 1994 and
December 16, 1994, Kantor purchased a total of 8 Caesars January
50 call option contracts in an account maintained at Schwab in
the name of a close friend, who resided abroad.

     According to the complaint, Kantor and Waizman made illegal
profits of $38,262.50 on purchases of the 26 call option
contracts in the Waizman account, and Kantor made additional
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profits of $12,043.75 on purchases of the eight call option
contracts in the account of his friend.

     According to the complaint, Banker's Trust Securities fired
Kantor in January 1995 for falsely telling the SEC and Bankers
Trust Securities that he did not know Waizman.

     The complaint also alleges that when interviewed by the SEC
staff, Waizman failed to disclose Kantor's involvement and
falsely claimed that in making the trades he just "got lucky."

     The Commission's complaint seeks to enjoin Kantor and
Waizman from violating antifraud provisions of the federal
securities laws, and also seeks disgorgement of illegal profits
and the imposition of civil penalties.