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Securities Act of 1933
Release No.  7307 / June 27, 1996

Securities Exchange Act of 1934
Release No. 37375 / June 27, 1996

Investment Advisers Act of 1940
Release No. 1567 / June 27, 1996

Administrative Proceeding, File No. 3-9032
 

PUBLIC PROCEEDINGS INSTITUTED AGAINST MARC N. GEMAN

     The United States Securities and Exchange Commission today
announced that it has issued an Order Instituting Public
Proceedings and Notice of Hearing Pursuant to Section 8A of the
Securities Act of 1933, Sections 15(b), 19(h) and 21C of the
Securities Exchange Act of 1934 and Sections 203(f) and 203(k) of
the Investment Advisers Act of 1940 ("Order") against Marc N.
Geman ("Geman").

     Geman is the former Chairman and Chief Executive Officer of
a dually-registered broker-dealer/investment adviser and wrap fee
program sponsor (the "Firm") based in Denver, Colorado.

     The Order alleges that Geman willfully violated Section
17(a)(1), (2) and (3) of the Securities Act of 1933 ("Securities
Act") and Section 10(b) of the Securities Exchange Act of 1934
("Exchange Act") and Rule 10b-5 thereunder and that Geman
willfully aided and abetted and caused the Firm's violations of
Section 17(a) of the Securities Act, Section 10(b) of the
Exchange Act and Rule 10b-5 thereunder, and Sections 206(1) and
206(2) of the Investment Advisers Act of 1940 ("Advisers Act"),
which violations occurred because the Firm:  (1) misrepresented
the quality of execution wrap fee clients would receive on
certain trade orders, (2) took secret profits on securities the
Firm traded with its wrap fee clients, and (3) failed to disclose
information material to the Firm's clients concerning the Firm's
compensation for services under the wrap fee program.  The Order
further alleges that Geman aided and abetted and caused the
Firm's violations of Rule 10b-10 under the Exchange Act by not
disclosing markups, markdowns or other transaction compensation
received by the Firm on principal trades with wrap fee clients. 
The Order further alleges that Geman aided and abetted and caused
the Firm's violations of Section 17(a)(1) of the Exchange Act and
Rules 17a-3 and 17a-11 thereunder through the Firm's failure to
maintain required broker-dealer records and make required reports
to the Commission.

     A hearing will be scheduled to take evidence on the staff's
allegations and to afford Geman the opportunity to present any
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defenses.  The purpose of the hearing is to determine whether the
allegations are true and whether remedial action under the
Securities Act, Securities Exchange Act and Investment Advisers
Act is appropriate and in the public interest.