FOR IMMEDIATE RELEASE                                  98-63

  Colleen P. Mahoney to Leave Commission After 15 Years of
                           Service


     Washington, D.C., July 6, 1998 -- Colleen P. Mahoney,
the Acting General Counsel since May and former Deputy
Enforcement Director, today announced that she will leave
the Commission on July 17, 1998 to become a partner in the
Washington, DC office of the law firm of Skadden, Arps,
Slate, Meagher & Flom, LLP.  She will join the firm's
securities and litigation practice.

     Prior to serving as the Acting General Counsel, Ms.
Mahoney was the Deputy Director of the Commission's Division
of Enforcement since 1994.  Ms. Mahoney also has served as
Executive Assistant to SEC Chairman Arthur Levitt; Chief
Counsel of the Division of Enforcement; and as an Assistant
General Counsel.  From 1981 to 1983, Ms. Mahoney was a
litigation attorney at Steptoe & Johnson in Washington, D.C.

     Arthur Levitt said, "Colleen Mahoney is an
extraordinary public servant.  She has dedicated her career
to protecting America's investors and punishing those who
break the law.  The SEC, the securities markets, and
countless investors are all better off because of Colleen's
keen sense of fairness, intellectual abilities, and
relentless pursuit of justice.  Colleen is a superb lawyer,
an effective manager, and a good friend.  During the past
five years I've relied on her sage guidance on countless
occasions.  I am fortunate to have had such a dedicated and
insightful advisor.  That is what I will miss most.  But
this is only the beginning.  Colleen's remarkable 15 years
at the Commission are the foundation for a legal career that
will continue to rise for many years to come."

     Ms. Mahoney said, "For 15 years I have been fortunate
to work with great people on the significant issues that
face our securities markets.  These years have been
professionally challenging, personally rewarding, and filled
with many great memories."

     In 1996, Ms. Mahoney received the Presidential Rank
Award for Distinguished Service, and the SEC Chairman's
Award for Excellence in 1991.  Ms. Mahoney is a summa cum
laude graduate of the American University Law School and a
magna cum laude graduate of the American University School
of Government and Public Administration.

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