UNITED STATES OF AMERICA
                            Before the
                SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934
Release No. 36839 / February 13, 1996

ADMINISTRATIVE PROCEEDING
File No. 3-8946
_______________________________
                              :                              
In the Matter  of             :    ORDER INSTITUTING PUBLIC
                              :    ADMINISTRATIVE PROCEEDINGS
                              :    PURSUANT TO SECTIONS 15(b) AND
Patrick J. Doherty            :    19(h) OF THE SECURITIES
                              :    EXCHANGE ACT OF 1934, MAKING
                              :    FINDINGS AND IMPOSING REMEDIAL
                              :    SANCTIONS
                              :
                              :
               Respondent     :
______________________________:


                                I.

     The Securities and Exchange Commission (Commission) deems it
appropriate and in the public interest that public proceedings be
instituted pursuant to Sections 15(b) and 19(h) of the Securities
Exchange Act of 1934 (Exchange Act) against Patrick J. Doherty
(Doherty).

     In anticipation of the institution of these administrative
proceedings, Doherty has submitted an Offer of Settlement (Offer)
which the Commission has determined to accept.  Solely for the
purpose of this proceeding and any other proceeding brought by or
on behalf of the Commission, or in which the Commission is a
party, and without admitting or denying the Commission's
findings, except those contained in Section III. 1 and 2 below,
which are admitted, Doherty, by his Offer, consents to the entry
of this Order Instituting Public Administrative Proceedings
Pursuant to Sections 15(b) and 19(h) of the Exchange Act, Making
Findings and Imposing Remedial Sanctions.

                               II.

     Accordingly, IT IS ORDERED that proceedings pursuant to
Sections 15(b) and 19(h) of the Exchange Act be, and hereby are,
instituted.
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                               III.

     On the basis of this Order and the Offer submitted by
Doherty, the Commission finds that:

     1.   At all relevant times herein, Doherty was associated as
a registered representative with a broker-dealer registered with
the Commission pursuant to Section 15(b) of the Exchange Act.

     2.   On July 29, 1991, Doherty entered a conditional guilty
plea to one count of knowingly and willfully executing a scheme
to defraud a bank and obtaining money from a financial
institution by means of false and fraudulent representations. 
Doherty's plea stemmed from an indictment by the United States
Attorney for the Eastern District of Wisconsin, U.S. v. Patrick
J. Doherty 91-CR-41 (E.D. Wis. 1991), which alleged that from
November 8, 1987 through December 2, 1987, Doherty engaged in a
check kiting scheme in which he defrauded two Milwaukee banks of
over $96,000.  On April 6, 1993, Doherty was sentenced to four
months in prison and two years supervised release and was
required to pay restitution of $96,721.  Doherty began serving
his sentence in July, 1994.

                               IV.

     In view of the foregoing, it is in the public interest to
impose the sanctions specified in the Offer.

     Accordingly, IT IS HEREBY ORDERED THAT:

     Doherty be, and hereby is, barred from association with any
broker, dealer, municipal securities dealer, investment company
or investment adviser.

     By the Commission.


                                   Jonathan G. Katz
                                   Secretary