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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934
Release No. 36854 / February 16, 1996

Administrative Proceeding File No. 3-8951

     The Securities and Exchange Commission ("Commission")
announced that on February 16, 1996, the Commission instituted
public administrative proceedings pursuant to Sections 15(b) and
21B of the Securities Exchange Act of 1934 ("Exchange Act")
against Patricia Ann Bellows, formerly an executive committee
member and compliance officer of H.D. Vest Investment Securities,
Inc. ("H.D. Vest"), a registered broker-dealer headquartered in
Irving, Texas.

     The Order Instituting Proceedings alleges that from at least
May 1992 through August 1993, Bellows failed reasonably to
supervise a registered representative, who was a person subject
to her supervision, with a view toward preventing violations of
the anti-provisions of the securities laws which supervision is
required by Section 15(b)(4)(E) of the Exchange Act.  The Order
further alleges that Bellows failed to establish and implement
reasonable supervisory procedures for the broker-dealer and
failed to respond to indications of possible wrongdoing by one
representative of the firm.  A hearing will be scheduled to take
evidence on the staff's allegations and to afford Bellows an
opportunity to present any defense thereto.  The purpose of the
hearing is to determine whether the allegations are true and
whether civil penalties, and/or any remedial action should be
ordered by the Commission.
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ADMINISTRATIVE PROCEEDINGS ORDERED AGAINST D.E. WINE INVESTMENTS,
INC. AND THREE FIRM PRINCIPALS

     The Commission announced on          , 1996, public
     administrative proceedings were instituted pursuant to
     Sections 15(b) and 21B of the Securities Exchange Act of
     1934 ("Exchange Act") against Patricia Ann Bellows, formerly
     an executive committee member and compliance officer of H.D.
     Vest Investment Securities, Inc. ("H.D. Vest"), a registered
     broker-dealer headquartered in Irving, Texas.

     The Order Instituting Proceedings alleges that from at least
     May 1992 through August 1993, Bellows failed reasonably to
     supervise a registered representative, who was a person
     subject to her supervision, with a view toward preventing
     violations of the anti-provisions of the securities laws
     which supervision is required by Section 15(b)(4)(E) of the
     Exchange Act.  The Order further alleges that Bellows failed
     to establish and implement reasonable supervisory procedures
     for the broker-dealer and failed to respond to indications
     of possible wrongdoing by one representative of the firm.  

KATHERINE S. ADDLEMAN, Chief, Branch of Enforcement
Fort Worth District Office
817/885-6448