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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 14691 / October 16, 1995        

SECURITIES AND EXCHANGE COMMISSION v. RONALD C. BLACK, RUSSELL W.
BROWN AND MAY B. OWENS, 95 Civ. 8766 (MP) (S.D.N.Y.)

The Securities and Exchange Commission ("Commission") announced
that it filed a complaint today in the United States District
Court for the Southern District of New York alleging that a
prison inmate and a corrections officer used a cellular telephone
to defraud Nomura Securities International, Inc. ("Nomura").

Named in the Complaint were:

Ronald C. Black, age 40.  Black was imprisoned at the Arkansas
Valley Correctional Facility ("AVCF") at the time of the
transactions and events alleged in the Complaint.  Black is
currently incarcerated for a state parole violation at the
Pickaway Correctional Institution in Orient, Ohio.

Russell W. Brown, age 43.  Brown was an AVCF corrections officer
at the time of the transactions and events alleged in the
Complaint.  Brown resides at 168 Cornell Circle in Pueblo,
Colorado.

May B. Owens, who was Black's fiance at the time of the
transactions and events alleged in the Complaint and is now
Black's wife.  Owens is named as a relief defendant.


The Complaint alleges that:

     In July 1993, Brown provided Black with a cellular
     telephone, and the names and telephone numbers of various
     brokerage firms, including Nomura.  Black, while in prison,
     used the cellular telephone to call Nomura's New York City
     offices, open a securities account under a fictitious
     corporate name, and place orders to purchase securities as
     part of a scheme with Brown to defraud Nomura.  In
     furtherance of this scheme to defraud, Black made material
     misrepresentations to Nomura about his ability to pay for
     these securities.  Black, Brown or someone working in
     concert with them, also telephoned Nomura, posed as an
     official from Nomura's bank and claimed falsely that Black
     had transferred funds to Nomura's account for the benefit of
     Black.  Black then instructed Nomura to wire a portion of
     those funds to Brown and Owens.  After Nomura initiated the
     wire transfers, Nomura learned that its bank had not
     received any funds from Black.  Although Nomura was able to
     stop the transfer to Brown before Brown received the money,
     Owens received the money transferred to her. 



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In the Complaint, the Commission seeks a final judgment
permanently enjoining Black and Brown from future violations of
Section 10(b) of the Securities Exchange Act of 1934 and Rule
10b-5 thereunder.  
Also, the Commission seeks disgorgement, prejudgment interest and
civil penalties from Black and Brown, and disgorgement, plus
prejudgment interest from Owens.