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                SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 15285 / March 12, 1997 

SECURITIES AND EXCHANGE COMMISSION v. CHARLES BRUMFIELD, JOSEPH
BRUMFIELD, ROBERT ALLEN, WILLIAM MYLETT, JOSEPH PENNA, JOSEPH
CUSIMANO, ALFRED VOLPE, JAMES GALANTE, THOMAS ALGER, JOHN
O'BRIEN, LAWRENCE FRIEDMAN, ROBERT FLANAGAN, THOMAS FLANAGAN,
SHARON SEIDEN, WARREN SMITH, JOHN LYNCH, AND ALBERT BRODY, United
States District Court for the Southern District of New York, Civ.
Action No. 95-9283 (JES).
 
     On March 5, 1997, the United States District Court for the
Southern District of New York entered a Final Judgment of
Permanent Injunction and Other Equitable Relief against Alfred
Volpe for violations of the federal securities laws in connection
with his trading in two AT&T acquisition targets -- Digital
Microwave Corporation and Teradata Corporation -- while in
possession of material, non-public information.  Without
admitting or denying the allegations in the Complaint, Volpe
consented to the entry of an injunction, disgorgement of his
profits of $17,255.38, plus prejudgment interest, and a civil
penalty of $17,255.38.  

     The Commission's Complaint, filed on October 31, 1995, 
alleges that on or about March 20, 1991, Charles Brumfield,
learned material, non-public information about AT&T's plans to
acquire Digital Microwave.  Brumfield told Joseph Cusimano about
AT&T's plans who, in turn, told Volpe, who purchased Digital
stock while in possession of this information.  Volpe also gave
the non-public information about Digital to James Galante who
then traded in Digital stock.  In or about the first week of
April 1991, after Brumfield learned that AT&T had abandoned its
planned acquisition of Digital, he told Cusimano this
information.  Cusimano told Volpe the information who, in turn,
told Galante.  Volpe sold his Digital stock and realized a
profit.

     The Commission's Complaint also alleges that in November of
1991 Brumfield learned material, non-public information about
AT&T's plans to acquire Teradata through AT&T's wholly owned
subsidiary NCR Corporation.  Brumfield told Cusimano of AT&T's
acquisition plans.  Cusimano told Volpe who bought Teradata
securities while in possession of the information.  Volpe also
gave the non-public information to Galante who traded in
Teradata.  After the December 2, 1991 public announcement that
Teradata and AT&T's wholly owned subsidiary, NCR, had agreed to
merge, Volpe sold his Teradata securities and realized a profit. 

     Litigation with respect to the remaining defendants is
continuing.





Related Releases:  L.R. 14706, L.R. 14779, L.R. 14956, 
                   L.R. 15180, L.R. 15221, L.R. 15227



















































                   
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