UNITED STATES OF AMERICA
                                      before the
                          SECURITIES AND EXCHANGE COMMISSION


     SECURITIES EXCHANGE ACT OF 1934
     Rel. No. 38857 / July 22, 1997

     Admin. Proc. File No. 3-8772
     _______________________________________
                                            :  
               In the Matter of             :  ORDER DISMISSING
                                            :  REVIEW PROCEEDINGS
              ALEX DAVID SHINDMAN           :  AND NOTICE OF
              Brooklyn, New York            :  FINALITY
     _______________________________________:  


          Pursuant to Rule 410 of this Commission's Rules of Practice ("Rules"),
     Alex David Shindman filed a petition for review of the initial decision of
     an administrative law judge.  An order granting the petition was issued on
     April 7, 1997.  Shindman was notified in that order that, pursuant to Rule
     180(c) of the Rules, he was required to file a timely brief in support of
     his petition or these review proceedings might be dismissed.  However, no
     such brief has been filed. 

          Accordingly, IT IS ORDERED that the order granting the petition for
     review filed by Alex David Shindman be, and it hereby is, vacated, and that
     Shindman's petition and these review proceedings be, and they hereby are,
     dismissed. <(1)>

          Notice is hereby given, pursuant to Rule 360(e) of our Rules, that the
     initial decision of the administrative law 
     judge <(2)> with respect to Alex David Shindman has become the final
     decision of this Commission.  The order contained in that decision (1) bars
     Shindman from association with any broker, dealer, or member of a national
     securities exchange or registered securities association, and from
     participation in any offering of penny stock; (2) imposes a penalty of
     $400,000 on Shindman; (3) directs Shindman to disgorge $2,848.13 plus
     prejudgment interest from July 1, 1995 through the last day of the month
     preceding which payment is made, at the rate of interest established under
     Section 6621(a)(2) of the Internal Revenue Code, compounded quarterly; and
     (4) directs Shindman to cease and desist from committing or causing
     violations or future violations of Section 17(a) of the Securities Act, and

                              

          <(1)>     Pursuant to Rule 102(d)(4) of our Rules, the request of
                    Shindman's counsel, Loeb & Loeb, LLP, to withdraw its
                    representation is hereby granted.

          <(2)>     M. Rimson & Co., Inc., et al., Initial Decision Release
                    No. 106 (February 25, 1997), 63 SEC Docket 2910.







     Sections 10(b) and 17(a) of the Securities Exchange Act and Rules 10b-5 and
     17a-3 thereunder.  That order is hereby declared effective.

          By the Commission.


                                        Jonathan G. Katz
                                           Secretary













































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