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                SECURITIES AND EXCHANGE COMMISSION

LITIGATION RELEASE No. 15268 / February 27, 1997

SECURITIES AND EXCHANGE COMMISSION  v. MICHAEL ANTHONY PIERCE, ET
AL.   (United  States   District  Court   for  the   District  of
Massachusetts, Civil Action No. C-96-10600-RCL)

     The  Securities  and   Exchange  Commission   ("Commission")
announced today that, on  February 21, 1997, a Final  Judgment of
Permanent  Injunction  and  Other Relief  ("Final  Judgment") was
entered against Michael Anthony Pierce ("Pierce"),  of Worcester,
Massachusetts,  by  United  States  District  Judge  Reginald  C.
Lindsey,  District   of  Massachusetts.     The  Final   Judgment
permanently enjoins  Pierce from violations of  various antifraud
provisions of the federal securities  laws.  Pierce consented  to
the  entry of the Final Judgment without admitting or denying any
of the substantive charges against him.  

     As detailed in its  complaint, which was filed on  March 21,
1996,  the Commission  charged  Pierce, a  registered  investment
advisor,  with  converting  and  dissipating  over  $1.7  million
entrusted  to  him by  twenty-three  of  his investment  advisory
clients  and  securities brokerage  customers  for  investment in
securities. The  Commission has further alleged  that, to conceal
his scheme, Pierce generated and sent to the defrauded  investors
false  account  statements  and   other  false  documents.    The
Commission  alleged  that  the  scheme commenced  no  later  than
January  1990 and continued until  at least December  1995.  Also
charged  in  the  scheme  was Pierce's  associate,  Jocelyn  Jane
O'Rourke of Worcester, Massachusetts, against whom the litigation
is still pending.  

     The  Final   Judgment   permanently  enjoins   Pierce   from
violations  of Section  17(a)  of  the  Securities Act  of  1933,
Section 10(b) of  the Securities  Exchange Act of  1934 and  Rule
10b-5 thereunder and Sections  206 (1) and (2) of  the Investment
Advisers Act of 1940.  The Final Judgment does not require Pierce
to disgorge his  illegal gains  in light of  a restitution  order
entered against him  in a criminal action based  on substantially
the same facts  alleged by  the Commission.   The Final  Judgment
also  does not require Pierce to  pay a civil monetary penalty on
the basis of his demonstrated financial inability to pay.  Pierce
presently is serving a fifty seven month prison term arising from
his  plea of  guilty to  twenty counts  of mail  fraud  and other
charges in  the related  criminal proceeding.   Pierce's sentence
also  included  an  order requiring  him  to  pay restitution  of
approximately $2.25 million.

     See prior  Litigation Release  Nos. 14855 (March  25, 1996),
14869 (April 10, 1996), and 14889 (April 24, 1996).