-------------------- BEGINNING OF PAGE #1 -------------------

                SECURITIES AND EXCHANGE COMMISSION


LITIGATION RELEASE NO. 14694 / October 17, 1995

SECURITIES AND EXCHANGE COMMISSION V. DANIEL L. OSBORN
Civil Action No. CV 95-1014 RJK (C.D. Cal.)

     The Securities and Exchange Commission ("Commission") 
announced on October 13, 1995, that a Judgment of Permanent
Injunction and Other Relief was obtained against Daniel L. Osborn
("Osborn").  A civil Complaint was filed by the Commission
against Osborn on February 7, 1995 in the Central District of
California alleging that in 1989 and 1990, Defendant Osborn
participated in a fraudulent scheme with Steven D. Wymer
("Wymer") and the investment advisers controlled by Wymer, Denman
& Co. and Institutional Treasury Management, Inc. (collectively
"ITM"). 

     From 1987 through December, 1991, Wymer, through ITM,
conducted a massive fraudulent scheme against his advisory
clients, principally small cities and towns, local government
agencies and financial institutions.  Wymer misappropriated and
diverted his advisory clients' funds, commingling and using the
funds to pay purported profits on non-existent securities
transactions made on behalf of his clients, to cover client and
personal trading losses, to fund ITM's operations and to pay for
Wymer's lavish personal living expenses.  In prior actions, Wymer
was enjoined from future securities law violations, pleaded
guilty to nine felony counts of racketeering, securities fraud,
mail fraud, bank fraud, obstruction of justice and was ordered to
pay $209 million in restitution to his former clients.  Wymer is
currently serving a prison sentence of 14 years and 7 months.

     The Commission's Complaint against Osborn alleged that
Osborn, through his broker-dealer, DLO Securities, Inc. ("DLO"),
formerly located in Irvine, California, effected a fraudulent
scheme by charging ITM advisory clients fraudulent excessive,
undisclosed markups on United States government securities,
totalling $319,613.  Osborn paid Wymer a portion of the
fraudulent profits from these transactions.  Osborn also charged
ITM itself fraudulent excessive, undisclosed markups on United
States government securities totalling $47,196.  The Commission
further alleged that Osborn received $310,000 from Wymer to
establish DLO but failed to disclose such funding on DLO's Form
BD filed with the Commission.  
     Without admitting or denying the allegations contained in
the Complaint, Osborn consented to the entry of a Judgment
permanently enjoining him from future violations of the antifraud
provisions of Section 17(a) of the Securities Act of 1933 and
Sections 10(b) and 15(c)(1) of the Securities Exchange Act of
1934 ("Exchange Act") and Rules 10b-5 and 15c1-2 and Sections
206(1) and 206(2) of the Investment Advisers Act of 1940.  Osborn
is also enjoined from future violations of Section 15(b) of the
Exchange Act and Rule 15b3-1 thereunder for filing false Forms
BD.  Finally, the 

                              - 2 -

Commission seeks disgorgement of all Osborn's ill-gotten gains
derived from Osborn's unlawful activity and is currently
investigating his financial ability to pay disgorgement of the
excessive mark-ups sought in the Complaint.