FOR IMMEDIATE RELEASE                                     2000-35

     Paul V. Gerlach, Associate Director of the Division of
                    Enforcement, To Leave SEC
                                
     Washington, DC, March 16, 2000 - Paul V. Gerlach, Associate
Director of the Securities and Exchange Commission's Division of
Enforcement, today announced that he will leave the Commission in
April to become a partner at the law firm of Sidley & Austin.
Mr. Gerlach will focus in the areas of securities counseling,
litigation and enforcement defense in the firm's Washington, DC
office.  A successor has not yet been named.

     SEC Chairman Arthur Levitt said, "Paul has been a dedicated
member of the SEC's enforcement team for the past twelve years.
During that time, Paul has been responsible for some of the most
important cases the Commission has brought.  His contributions to
the SEC's mission of investor protection have been significant
and invaluable."

     SEC Enforcement Division Director Richard H. Walker said,
"Paul is one of the Enforcement Division's most dedicated and
effective attorneys.  He has worked tirelessly to enforce our
securities laws and punish those who break the law.  Paul's
wisdom and expertise will be greatly missed."

     As Associate Director, Mr. Gerlach was responsible for
supervising a broad range of enforcement activities, including
investigations involving issuer accounting fraud, insider
trading, market manipulation, and broker-dealer misconduct.  As a
senior enforcement staff member, Mr. Gerlach has been responsible
for a number of major enforcement initiatives, including the
Commission's enforcement action against NASD member firms
involving quote manipulation in the over-the-counter market and
against NationsBank/NationsSecurities for fraudulent sales
practices.

     Mr. Gerlach received several awards during his tenure at the
Commission, including the Chairman's Award for Excellence in 1996
and the Stanley Sporkin Award in 1998, which is awarded by the
Chairman of the Securities and Exhange Commission in recognition
of outstanding contributions to the SEC's Enforcement program.
Mr. Gerlach also received the Presidential Distinguished
Executive Award in 1999.

     Mr. Gerlach said, "During my time with the Enforcement
Division, I have been blessed with the opportunity to work with
some of the best and brightest people in government service.  The
staff's talent and dedication to protecting investors and
safeguarding our capital markets makes the SEC a unique and
professionally rewarding place to practice law.  I also want to
express my deep gratitude to Chairman Levitt for providing me the
opportunity to serve as an Associate Director and for his
enthusiastic support for the SEC's enforcement program."

     Mr. Gerlach became Associate Director in June 1995 after
serving in various capacities in the Enforcement Division since
1988.  Prior to his tenure at the SEC, Mr. Gerlach was an
associate at the law firms of Jenner & Block and Akin, Gump,
Strauss, Hauer & Feld.

     Mr. Gerlach, 45, graduated from Washington & Lee University
School of Law and Boise State University.

                             #  #  #