SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C. 

Litigation Release No. 15218 / January 17, 1997


SECURITIES AND EXCHANGE COMMISSION v. NICHOLAS A. RUDI, JOSEPH C.
SALEMA, PUBLIC CAPITAL ADVISORS, INC. (formerly known as
CONSOLIDATED FINANCIAL MANAGEMENT, INC.), GEORGE L. TUTTLE, JR.
AND ALEXANDER S. WILLIAMS, United States District Court for the
Southern District of New York, 95 Civ. 1282 (LAK)

     The Commission announced today that, on January 15, 1997,
the United States District Court for the Southern District of New
York entered the Final Judgments on consent against defendants
Nicholas A. Rudi ("Rudi") and his financial advisory firm, Public
Capital Advisors, Inc. (formerly known as Consolidated Financial
Management, Inc.).  As previously announced, the disgorgement and
prejudgment interest to be paid by Rudi will be held by the Court
for the benefit of persons who submit valid claims arising under
the federal securities laws by reason of the conduct alleged
against Rudi in the Complaint.  Such claims must be filed by
January 16, 1998.

     For more information, see Litigation Release Nos. 15202
(Dec. 30, 1996) and 14421 (Feb. 23, 1995).