FOR IMMEDIATE RELEASE                        97-77

                                              Press Contact:
                               John J. Nester (202) 942-7083
                                                            
 SEC and State Securities Administrators Issue 
               "Cold Calling Alert"
   Consumers warned about stock market phone fraud 
                in bull market
                              
     Washington, D.C., September 22, 1997 -- Warning that
bull markets always bring out the crooks, the U.S.
Securities and Exchange Commission (SEC) and the North
American Securities Administrators Association (NASAA) are
telling consumers to hang up on aggressive strangers selling
investments over the telephone.

     The SEC and NASAA have jointly issued a "Cold Calling
Alert," a brochure which cautions consumers to beware of
stockbrokers who call you up, pressure you to buy, say they
have "confidential" information, promise spectacular profits
or "guaranteed" returns, or refuse to send you written
information.  All are warning signs for fraud.

     Cold calls are often made from "boiler rooms" by
brokers using banks of telephones to reach as many people as
quickly as possible.  The Alert reminds consumers of their
rights, and tells them how to put a stop to cold calls
"whether annoying, abusive or downright crooked."

     Cold calling abuses represent the single fastest-
growing category of sales related complaints received by the
SEC, according to Nancy Smith, Director of the SEC's Office
of Investor Education and Assistance.

     "This year's 23% increase is staggering when you
consider most other complaints are down," Smith said.  "We
need to get rid of the boiler rooms.  People need to hang up
on bad brokers, and report them to the SEC or their state's
securities administrator."  Smith added that firms must put
your name on their "do not call" list if you ask.

     "Today, too many Americans are being tricked out of
their hard-earned savings by high pressure, scripted
telephone cold calling techniques," said NASAA President
Mark Griffin.  "If you or anyone you know has ever been
disturbed during dinner or another time by a persistent cold
caller touting some `hot stock,' this brochure will help you
fight back."

     Starting Monday (9/22/97), consumers can get a copy of
the "Cold Calling Alert" by calling the SEC's toll free
information line (1-800 SEC-0330).  An on-line version is
available on the SEC's website (www.sec.gov).

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