FOR IMMEDIATE RELEASE                               98-122

   Stephen Cutler Named Deputy Director of the Division of
                         Enforcement
                              
     Washington, DC, November 18, 1998 -- Securities and
Exchange Commission Chairman Arthur Levitt today named
Stephen M. Cutler Deputy Director of the Division of
Enforcement.  Mr. Cutler, who will join the Commission
shortly, succeeds Colleen Mahoney, who left the Commission
in July.

     Chairman Levitt said, "I am pleased to welcome Steve to
the Commission.  His mastery of the securities laws and
knowledge of the securities industry will strengthen the
Enforcement Division's ability to protect investors and
maintain the integrity of the securities markets."

     Richard H. Walker, Director of the Division of
Enforcement, said, "I am particularly pleased that Steve
will join the Division in this important position.  His
extensive background and experience in the field of
securities regulation and enforcement will add new strength
to the Division's already formidable lineup.  As the
Division steps up its fight against fraud in new and
existing venues, Steve brings fresh insights and proven
skills to advance our cause."

     As Deputy Director, Mr. Cutler will assist the Director
in formulating enforcement policies and will play a key role
in the management of the Division of Enforcement.

     Mr. Cutler, 37, has been a partner at the Washington,
DC law firm of Wilmer, Cutler & Pickering since 1993.  He
specializes in securities enforcement and litigation, as
well as broker-dealer regulation and compliance.  Before
becoming a partner, he was an associate at the firm from
1987 to 1992.  Mr. Cutler was a visiting fellow at the
Center for Law in the Public Interest from 1986 to 1987, and
before that was a law clerk for the Honorable Dorothy W.
Nelson of the U.S. Court of Appeals for the Ninth Circuit.
He received his B.A. summa cum laude from Yale University
and his J.D. from Yale Law School, where he was editor of
the Yale Law Journal.

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