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                SECURITIES AND EXCHANGE COMMISSION
                         WASHINGTON, D.C.

Litigation Release No. 15213 / January 15, 1997

SEC V. RBF INTERNATIONAL, INC. AND KENNETH P. D'ANGELO, Civil
Action No. 97-0072 (P.L.F.) (D.D.C. January 14, 1997)

     The Securities and Exchange Commission today obtained a
federal court judgment enforcing a previous administrative order
of the Commission and ordering the payment of delinquent amounts
owed in disgorgement under that order.

     The Commission's Complaint alleged that RBF International,
Inc., and it's President, Kenneth P. D'Angelo, settled an
administrative proceeding brought by the Commission in 1994 by
agreeing to pay disgorgement of $425,044 plus pre-judgment and
post-judgment interest.  In that proceeding, the Commission found
that RBF and D'Angelo violated Section 14(e) of the Securities
Exchange Act of 1934 and Rule 14e-4, the Commission's "short
tender rule," by tendering borrowed shares into a tender offer
for Copley Pharmaceutical, Inc.

     The administrative order to which the defendants consented
required that $200,000 of the amount disgorged be paid within 45
days of the entry of the order, with the balance due by October
6, 1995.  According to the Complaint, RBF and D'Angelo timely
paid the first $200,000, but did not pay any more until recently,
as part of settlement discussions in this action.

     The Commission's Complaint requested that the United States
District Court for the District of Columbia order RBF and
D'Angelo to comply with the Commission's previous order by making
all payments due in accordance with a new proposed schedule that
requires such payments to be completed by November 20, 1997. 
Simultaneously with the commencement of the action, the
defendants consented to the entry of a final judgment ordering
that they cure non-compliance with the Commission's order and
incorporating the new payment schedule.