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                    SECURITIES AND EXCHANGE COMMISSION
                         WASHINGTON, D.C.

Litigation Release No. 15363 / May 13, 1997

The People of the State New York against A.R. Baron & Co., Inc.,
Andrew Bressman, Roman Okin, Richard Acosta, Glenn O'Hare, Joseph
Scanni, Brett Hirsch, Garvey Fox, Matthew Hirsch, Richard Simone,
Charles Plia, Mark Goldman, John McAndris and Jack Wolynez, Ind.
No. 3702/97  (Supreme Court of the State of New York, County of
New York)

     The District Attorney of the County of New York, State of
New York, Robert M. Morgenthau, and the Securities and Exchange
Commission ("Commission") announced the indictment on May 13,
1997 of A.R. Baron & Co., Inc., Andrew Bressman, Roman Okin,
Richard Acosta, Glenn O'Hare, Joseph Scanni, Brett Hirsch, Garvey
Fox, Matthew Hirsch, Richard Simone, Charles Plia, Mark Goldman,
John McAndris and Jack Wolynez in connection with criminal
securities fraud at the firm of A.R. Baron & Co., Inc. ("Baron").

The 174 count indictment charges violations of the New York State
Enterprise Corruption laws and the New York State Martin Act, and
charges a scheme to defraud in the first degree and grand
larceny.   
     The Commission previously filed five administrative
proceedings against a total of thirteen parties as a result of
the events at Baron between 1992 and the firm's demise in the
summer of 1996. On May 23, 1996, the Commission, alleging that
the Respondents had engaged in fraudulent sales practices,
including the placement of unauthorized trades, involving nearly
$17 million of securities, commenced an administrative proceeding
as to Baron, Andrew Bressman and Roman Okin seeking a temporary
cease and desist order.  The Commission entered a temporary cease
and desist order on May 29, 1996, and a supplemental order on
August 2, 1996.  On September 9, 1996, the Commission entered
administrative orders against Jeffrey Weissman, a founder of
Baron, and his father, Martin Weissman, for sales practice abuses
and manipulation, and against three former Baron brokers, Robert
Gilbert, Alan Weissman, and Daniel Felter for their participation
in the scheme.  On October 17, 1996, the Commission, alleging a
course of sales practice abuses and manipulations of two stocks,
entered an administrative order by consent revoking Baron's
broker-dealer registration.  On the same day, the Commission
broadened its pending proceeding against Bressman and Okin to
include former Baron personnel Richard Acosta, Richard Simone,
Burton Blank, Mark Goldman and Jack Wolynez, and to allege
further violations of the federal securities laws, including
market manipulation.  That proceeding is pending.  NASD
Regulation, Inc., assisted in both the Commission's and the
District Attorney's investigations of Baron.