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             U.S. Securities and Exchange Commission

Litigation Release No. 15233 \ January 30, 1997      
SEC v. RICHARD P. BROWN,  (D.D.C., Civil Action No. 97-196-JHG,
filed January 28, 1997)

     The Securities and Exchange Commission announced that on
January 28, 1997, a civil action was filed in the United States
District Court for the District of Columbia against Richard P.
Brown of N. Rockville, Maryland.  The Complaint seeks an order
requiring Brown to comply with the Commission's administrative
order (Commission Order) entered in In the Matter of F.N. Wolf &
Co., et al., A.P. File No. 3-8533 (Administrative Proceeding),
which, among other things, imposed a $100,000 civil penalty
against him and barred him from the securities industry.  The
Complaint alleges that Brown has failed to pay $95,000 of the
$100,000 penalty.  The Commission seeks an order requiring Brown
to pay $95,000, plus prejudgment interest, within 30 days of the
entry of the Court's order.  

     Brown was the president and 100% owner of Hibbard Brown &
Co., Inc. (Hibbard), a broker-dealer which was registered with
the Commission.  Brown and Hibbard were charged in the
Administrative Proceeding with having fraudulently manipulated
the price of Of Counsel Enterprises, Inc.'s securities.  The
Commission Order contained findings that:  between November 16,
1993, when Of Counsel's initial public offering of securities
became effective, and December 8, 1993, Hibbard and others
purchased approximately 95.7% of the public float of the Of
Counsel securities and manipulated their price from $3.25 to $8;
after manipulating the price of the Of Counsel securities,
Hibbard and others sold those securities to the investing public
at the artificially inflated prices; Hibbard profited by
approximately $3 million; and Brown, as president of Hibbard,
personally directed Hibbard's violative conduct.  The Commission
Order also contained findings that, as a result of the above-
described conduct, Brown and Hibbard willfully violated the
antifraud and other provisions of the federal securities laws.