FOR IMMEDIATE RELEASE                                    2000-83

 Carmen J. Lawrence, Director Of The Northeast Regional Office,
    To Leave The Commission After Nearly 20 Years Of Service
                                
     Washington, DC, June 20, 2000 -- Carmen J. Lawrence,
Director of the Securities and Exchange Commission's Northeast
Regional Office, announced today that she will leave the
Commission shortly to become a partner in the law firm of Fried,
Frank, Harris, Shriver & Jacobson.  Ms. Lawrence will head the
Securities Regulation and Enforcement Practice Group in Fried
Frank's New York office beginning September 1, 2000.

     SEC Chairman Arthur Levitt said, "For nearly 20 years Carmen
has served the Commission and investors with total commitment,
great enthusiasm, and uncompromising principles.  Her superb
legal skills and tenacious resolve helped bring to fruition many
significant and complicated cases during her tenure as Regional
Director.  Our markets, and most importantly, America's
investors, are better off because of her fine work.  On behalf of
the Commission, I thank Carmen for her service and wish her
continued success in the future."

     SEC Director of Enforcement Richard H. Walker said, "Carmen
Lawrence is one of the greatest enforcement attorneys in the
Commission's rich history.  Her leadership, tenacity, and
infallible judgment have played a central role in the success of
the Commission's Northeast Regional Office for well over a
decade.  With her departure, investors lose a tireless advocate
who has championed their cause, and the SEC loses one of its
brightest stars.  On a personal note, I bid fond farewell to one
of my closest friends and most trusted advisers."

     Ms. Lawrence, 43, became Regional Director in 1996 after
serving in various senior positions in the Enforcement Division,
which she joined in 1981.  During the past four years, she has
overseen all enforcement and regulatory operations in the
Commission's largest region with offices in New York, Boston, and
Philadelphia, covering 14 states and the District of Columbia.

     Some of the Commission's most significant enforcement cases
in recent years have been brought by the Northeast Regional
Office under Ms. Lawrence's leadership.  These include:  actions
arising out of the discovery of fraudulent trading by NYSE floor
brokers ahead of their customers' orders; actions against more
than 100 persons arising out of an undercover operation targeting
crooked promoters, brokers receiving undisclosed kickbacks and
others in the microcap market; actions against Towers Financial
Corporation, its chairman Steven Hoffenberg, and others in one of
the largest Ponzi schemes in history; and numerous important
insider trading cases, including an action against Edward Downe
and six other individuals alleged to have exchanged inside
information in Southampton regarding Kidde, Inc. and other
companies, and actions against more than 35 defendants arising
out of trading in the securities of Motel 6.

     Ms. Lawrence received numerous awards during her tenure at
the Commission, including the Equal Employment Opportunity Award
in 1998, the Presidential Distinguished Executive Award in 1995,
the Stanley Sporkin Award in 1993, which is awarded by the
Chairman of the Securities and Exchange Commission in recognition
of outstanding contributions to the SEC's Enforcement program,
and the Irving M. Pollack Award in 1990 presented to the
enforcement lawyer exhibiting leadership, integrity, and
intellect.

     In announcing her plans to leave the Commission, Ms.
Lawrence said, "For 20 years the Commission has been my home.  I
am proud to have been a part of so many important accomplishments
by the dedicated professionals in the Commission's Northeast
Region.  As I look ahead with anticipation to this next chapter
in my life, I stand upon a foundation made of wonderful memories,
superb staff, thoughtful mentors, and the satisfaction of having
served this nation's investors.  I thank Chairman Levitt and Dick
Walker for their faith and confidence."

     Ms. Lawrence graduated with a B.A. from Cornell University
and a J.D. from the University of Michigan Law School.

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