SECURITIES AND EXCHANGE COMMISSION
     Washington, D.C.

     Litigation Release No. 15540 / October 24, 1997

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

     On October 20, 1997, the Commission filed an amended complaint in its
     insider trading case against Roy Handojo ( Handojo ) in the United States
     District Court for the Southern District of New York.  The amended
     complaint alleges that Handojo, an Indonesian national and visiting analyst
     formerly employed in the Financial Institutions Group at J.P. Morgan & Co.,
     Inc. s New York office ( J.P. Morgan ), engaged in flagrant insider trading
     in five companies involved in four separate merger negotiations in which
     J.P. Morgan s Financial Institutions Group was participating as an adviser. 
     From July through September 1997, in each of the merger transactions,
     Handojo purchased securities days before the companies publicly announced
     that they had entered into definitive merger agreements.  Handojo reaped
     more than $477,000 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 and
     disgorgement.

     The amended 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 approximately $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 approximately $60,000 in profits.  In addition, 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 more
     than $214,000.  Finally, in the two weeks before the September 15, 1997
     announcement that Star Banc Corp. would acquire Great Financial Corp.,
     Handojo purchased 21,900 shares of Great Financial common stock.  At the
     time of Handojo s purchases, J.P. Morgan was acting as an adviser to an
     Ohio-based bank holding company in its competing effort to acquire Great
     Financial.  Handojo still holds 17,800 of his Great Financial shares. 
     Based on Great Financial s closing price three days after the news
     announcement, the total profits Handojo reaped from his trading is more
     than $115,000.  Although the Commission was aware of Handojo s purchases of
     Great Financial at the time it filed its original complaint on September
     12, 1997, the Commission excluded those purchases from the complaint
     because the merger negotiations were still nonpublic.

     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 October 29, 1997.  The Commission s investigation
     is continuing.  See also SEC Litigation Release No. 15492, dated September
     12, 1997.


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