FOR IMMEDIATE RELEASE                             2000-25

   SEC Authorizes Filing of Actions to Recover Unpaid NASD
                          Sanctions

     Washington, DC, March 8, 2000 -- The Securities and
Exchange Commission and the National Association of
Securities Dealers announced today that they are beginning a
program to obtain payment of NASD-ordered sanctions from
former registered representatives of broker-dealers.
Registered representatives should not be able to avoid
paying a fine or providing restitution.

     Under the new program, the Commission will file
applications in federal district court, pursuant to Section
21(e)(1) of the Exchange Act, seeking orders requiring
payment of outstanding NASD sanctions that have been or will
be affirmed by the Commission.  The Commission anticipates
that following a summary proceeding it will obtain a court
order that it or any party that would benefit from the
payment, including the NASD, could use to pursue collection
of the unpaid fine or restitution.  The Commission will also
use this program to collect sanctions imposed by other
self-regulatory organizations in appropriate circumstances.

     SEC General Counsel David Becker has said,  "By seeking
court orders requiring payment of NASD sanctions, the
Commission will assure that persons sanctioned by the NASD
will not be able to escape payment of fines or restitution
orders."

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