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

              UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 14929 / June 3, 1996

SECURITIES AND EXCHANGE COMMISSION v. RONALD C. BLACK, RUSSELL W.
BROWN AND MAY B. OWENS, 95 Civ. 8766 (MP) (S.D.N.Y.)

      The Commission announced that, on May 9, 1996, the United
States District Court for the Southern District of New York
entered a Final Consent Judgment of Permanent Injunction and
Other Relief ("Final Judgment") against defendant Russell W.
Brown ("Brown"), enjoining him from future violations of Section
10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and
Rule 10b-5 thereunder.  The Final Judgment also orders Brown to
pay a total of $6,154.80, representing disgorgement of $5,000
plus prejudgment interest thereon of $1,154.80.  Payment of the
disgorgement and prejudgment interest was waived, and the Court
did not impose civil penalties, based on Brown's demonstrated
inability to pay.  Brown consented to the entry of the Final
Judgment without admitting or denying the allegations in the
Complaint.

     The Complaint, filed on October 16, 1995, alleges that, in
July 1993, Brown, then a prison corrections officer, and
defendant Ronald C. Black ("Black"), a prison inmate, engaged in
a scheme to defraud various brokerage firms, including Nomura
Securities International, Inc. ("Nomura").  Specifically, the
Complaint alleges that Brown provided Black, who was in prison at
the time, with a cellular telephone and the names and telephone
numbers of several brokerage firms, including Nomura.  The
Complaint further alleges that Black used the cellular telephone
that Brown had provided to call Nomura's New York City offices,
open a securities account, place orders to purchase securities
and make material misrepresentations to Nomura about his ability
to pay for such securities purchases.  Black, Brown or someone
working in concert with them, also telephoned Nomura, posed as an
official from Nomura's bank and claimed falsely that Black had
transferred funds to Nomura's account for the benefit of Black. 
Black then instructed Nomura to wire a portion of those funds to
Brown and relief defendant May B. Owens ("Owens").  After Nomura
initiated the wire transfers, it learned that its bank had not
received any funds from Black.  Although Nomura was able to stop
the transfer to Brown before Brown received the money, Owens
received the money transferred to her.  The Commission's case is
continuing against Black and Owens.

     For further information, see Litigation Release No. 14691
(Oct. 16, 1995).