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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934
Release No. 37300 / June 11, 1996

Administrative Proceeding File No. 3-9024

     The Securities and Exchange Commission ("Commission")
announced that on June 11, 1996, the Commission instituted public
administrative proceedings pursuant to Sections 15(b) and 19(h)
of the Securities Exchange Act of 1934 against Fu-sung Peter Wu.

     The Order Instituting Proceedings alleges, in part, that
from approximately June 1995 through August 1995, Wu violated the
antifraud provisions of the federal securities laws by making
material misrepresentations to customers as to the price at which
they could purchase Netscape Communication Corp. ("Netscape")
stock in the secondary market following Netscape's initial public
offering on August 9, 1995.  The Order further alleges that Wu
failed to disclose the risk associated with Netscape stock when
he solicited customer orders to purchase the stock, made unautho-
rized transactions in customer accounts, and altered customer
account documents in connection with executing transactions in
customer accounts.  

     A hearing will be scheduled to take evidence on the staff's
allegations and to afford Wu an opportunity to present any
defense thereto.  The purpose of the hearing is to determine
whether the allegations are true and to determine what, if any,
remedial sanctions are appropriate.