UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No. 15602 / December 23, 1997 

     SECURITIES AND EXCHANGE COMMISSION v. NICHOLAS A. ZAHAREAS, TUSCHNER &
     COMPANY, INC. and JOHN M. TUSCHNER, DEFENDANTS and EUROAMERICAN SECURITIES
     S.A., relief defendant, United States District Court for the District of
     Minnesota, No. 97-2859 DSD/JMM

          The Securities and Exchange Commission announced that on December 19,
     1997 it obtained temporary restraining orders (TROs), one against Nicholas
     A. Zahareas (Zahareas) and Relief Defendant Euroamerican Securities S.A.
     (Euroamerican) and another against Tuschner & Company, Inc. (Tuschner &
     Co.) and John M. Tuschner (Tuschner).  Tuschner & Co. and Tuschner
     consented to the entry of the TRO against them without admitting or denying
     the allegations of the Complaint.  Pursuant to Section 21(e) of the
     Securities Exchange Act of 1934 (Exchange Act), the TRO compels Zahareas to
     comply with an Order Instituting Proceedings, Making Findings and Imposing
     Remedial Sanctions entered against Zahareas on July 27, 1993 which barred
     him from association with, among other things, any broker or dealer.  The
     Complaint, filed that same day, alleged that Zahareas wrongfully associated
     with a registered broker-dealer, Tuschner & Co., by:  referring at least
     200 customers residing in Greece to open accounts at the Minneapolis based
     brokerage firm; directing trading in those accounts; placing orders for
     over $9 million worth of securities with Tuschner & Co.'s trader;
     determining the amount of commissions charged on the transactions; and
     receiving up to 75% of those commissions through Relief Defendant
     Euroamerican Securities S.A. (Euroamerican).  The Complaint further alleged
     that since at least February 1996, Tuschner, the Chairman and Chief
     Executive Officer of Tuschner & Co., knew of Zahareas' bar and permitted
     his wrongful association.

          The Court found, in the TRO against Zahareas and Euroamerican, that
     enforcement of Commission bar orders is crucial to protect investors and
     ensure the safety of the securities markets.  Through the TROs, Zahareas,
     Tuschner & Co. and Tuschner were ordered to refrain from future violations
     and aiding and abetting violations of Sections 15(b)(6)(B)(i) and
     15(b)(6)(B)(ii) of the Securities Exchange Act of 1934.

          Zahareas is the subject of an Order of Permanent Injunction, issued by
     consent against him on July 16, 1992, prohibiting him from, among other
     things, violating the antifraud provisions of the federal securities laws
     by engaging in $1.75 million in unauthorized purchases for his customers'
     accounts.  Zahareas consented to the entry of the injunction and neither
     admitted or denied the allegations of the complaint.  








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