SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.

     Litigation Release No. 15551 / November 5, 1997

     SEC v. ALAN M. STRICOFF, et al., Civil Action No. 97 Civ. 8183 (DC)
     (S.D.N.Y. November 5, 1997)

          On November 5, 1997, the Commission filed an action in federal
     district court against a former compliance officer of Bankers Trust
     Securities Corp. and four other individuals, alleging that they engaged in
     a scheme to purchase the securities of Caesars World, Inc. just before the
     public announcement on December 19, 1994, that ITT Corp. was making a
     tender offer for Caesars.  The complaint alleges that the illegal insider
     trading yielded profits of $458,200.

          According to the complaint, defendant Alan Stricoff learned of the
     proposed tender offer in the course of his employment as
     assistant vice president in the compliance department of Bankers
     Trust Securities, a registered broker dealer.  Banker's Trust
     Securities served as a financial advisor to ITT in the tender
     offer and its parent, Bankers Trust New York Corporation, served
     as ITT's investment banker.  According to the complaint, Banker's Trust
     Securities discharged Alan Stricoff in January 1995.  

          The Commission alleged that in breach of his duty of trust
     and confidence to his employer, Alan Stricoff directly or indirectly tipped
     his brother, the defendant Jeffrey Stricoff, his father-in-law, the
     defendant Marvin Stone, his brother-in-law, the defendant Todd Stone, and
     Todd Stone's close friend, the defendant Daniel M. Porush, each of whom
     then purchased Caesars call option contracts shortly before the tender
     offer was announced.  Porush was the president of Stratton Oakmont Inc., a
     broker-dealer based in Lake Success, N.Y.

          According to the complaint, the price of the Caesars call options
     increased by about $16 a share following the annoucement of the tender
     offer, and the defendants' subsequent sales brought profits of $83,350 for
     Jeffrey Stricoff, $30,850 for Marvin Stone, $157,000 for Todd Stone, and
     $157,000 for Porush.  The complaint also alleges that defendants Todd Stone
     and Porush caused a close friend of Todd Stone to purchase Caesars call
     options, making profits of $30,000.

          The Commission's complaint alleges that each defendant violated
     Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and Rules
     10b-5 and 14e-3 thereunder and seeks an order enjoining the defendants from
     violating the antifraud provisions of the federal securities laws, the
     disgorgement of illegal profits, and the imposition of civil monetary
     penalties.





                              ======END OF PAGE 1======