SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No. 15492 / September 15, 1997

     SECURITIES AND EXCHANGE COMMISSION V. ROY HANDOJO, Civil Action No. 97-Civ. 
     6805 (S.D.N.Y.)  (LAP)  (filed September 12, 1997)

     On September 12, 1997, the Commission filed a civil complaint in the United
     States District Court for the Southern District of New York against Roy
     Handojo ( Handojo ).  The complaint alleges that Handojo, an Indonesian
     national and visiting analyst employed in the bank group at J.P. Morgan &
     Co., Inc. s New York office ( J.P. Morgan ), engaged in flagrant insider
     trading in four companies involved in merger negotiations in which J.P.
     Morgan s bank group was participating as an adviser.  In three separate
     merger transactions during July and August 1997, Handojo purchased
     securities days before the companies publicly announced that they had
     entered into definitive merger agreements.  Handojo reaped at least
     $363,189 in profits from his trades.  The Commission s complaint alleges
     that Handojo violated Section 10(b) of the Securities and Exchange Act of
     1934 and Rule 10b-5 thereunder, and seeks injunctive relief, disgorgement,
     and civil penalties.

     The complaint alleges that, without any prior trading experience, the 25
     year old Hondojo purchased 6,209 shares of the common stock of Signet
     Banking Corp., a J.P. Morgan client, less than a week before the July 21,
     1997 announcement of Signet s acquisition by First Union Corp.  Handojo
     realized nearly $90,000 in profits when he later sold the stock.  He also
     bought 12,500 shares of ACC Consumer Finance Corp. common stock several
     days before the August 25, 1997 announcement that Household International,
     another J.P. Morgan client, would acquire ACC by merger.  ACC s stock
     soared 34% on the day of the announcement, and Handojo sold his entire
     position for nearly $60,000 in profits.  Finally, in the three days prior
     to the August 29, 1997 announcement of NationsBank Corporation s
     acquisition of Barnett Banks, Inc., a J.P. Morgan client, Handojo purchased
     280 Barnett call options, 80 call options in NationsBank, and 500 shares of
     stock in each bank.  In the week following the announcement, which caused a
     24% surge in Barnett s stock price, Handojo sold all his Barnett shares and
     call options for a total profit of $214,000.

     On September 12, 1997, the Court ordered a temporary freeze of the assets
     in defendant s brokerage and bank accounts, and granted the Commission
     expedited discovery and other ancillary relief.  A preliminary injunction
     hearing is scheduled for September 23, 1997.  Also, on September 12, 1997,
     the United States Attorney s office for the Southern District of New York
     obtained and executed an arrest warrant for Handojo.  The Commission s
     investigation is continuing.








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