FOR IMMEDIATE RELEASE                           2001-57


        Valerie Caproni, Director of the Commission's
      Pacific Regional Office, To Leave the Commission

     Washington, DC, May 31, 2001 - Valerie Caproni,
Director of the Securities and Exchange Commission's
Pacific Regional Office, today announced that she will be
leaving her position at the end of July to join the New
York law firm Simpson Thacher & Bartlett.

     Ms. Caproni, 45, became Regional Director of the
Pacific Region in September 1998.  As Regional Director,
Ms. Caproni oversees Commission offices in Los Angeles
and San Francisco and is responsible for the
administration of the agency's enforcement and regulatory
programs in California, Oregon, Washington, Idaho,
Montana, Arizona, Alaska and Hawaii.

     Under Ms. Caproni's leadership, the Pacific Region
has filed some of the Commission's most significant
enforcement actions, including those involving the Emulex
internet hoax, financial fraud at McKesson HBOC, Ponzi
schemes at Capital Consultants, Pinn Fund and TLC, and a
kickback scheme operated by noted investment adviser Alan
Bond.

     SEC Acting Chairman Laura Unger said, "The ability
of the SEC to enforce the securities laws and to protect
investors derives from the dedicated efforts of people
like Valerie Caproni.  She has made a significant
contribution to the work of the Commission during her
tenure as Regional Director of the Pacific Regional
Office.  On behalf of the Commission, I thank Valerie for
her fine service and wish her well in her new position".

     SEC Director of Enforcement Richard Walker said, "
Valerie Caproni has played a critical role in the success
of the Pacific Region's enforcement and regulatory
programs over the past three years.  Under her leadership
and guidance, the Regional Office has initiated a number
of important cases that have made our markets safer for
investors.  I wish Valerie continued success in her
return to private practice".

     In announcing her plan to leave the Commission, Ms.
Caproni said, "Serving the investing public by being
Regional Director of the Commission's west coast
operation has been a highlight of my professional life.
I have been honored to be a part of the talented and
dedicated staff in the Pacific Region.  I will always
look back to my time with the Commission with enormous
fondness and professional satisfaction."

Contact:  James A. Clarkson
          (202) 942-4580