UNITED STATES OF AMERICA
                                      Before the
                          SECURITIES AND EXCHANGE COMMISSION


          Securities Exchange Act of 1934
          Release No. 40322 / August 13, 1998

          Investment Advisers Act of 1940
          Release No.  1742 / August 13, 1998

          Administrative Proceedings
          File No.  3-9674


                                       :
          In the Matter of             :     ORDER INSTITUTING                 
                                       :     ADMINISTRATIVE PROCEEDINGS
          JEFFREY A. EGAN,             :     PURSUANT TO SECTIONS 15(b)
                                       :     AND 19(h) OF THE SECURITIES
          Respondent                   :     EXCHANGE ACT OF 1934 AND
                                       :     SECTION 203(f) OF THE
                                       :     INVESTMENT ADVISERS ACT OF
                                       :     1940, MAKING FINDINGS AND
                                       :     IMPOSING REMEDIAL SANCTIONS
          _____________________________



                                          I.

          The Commission deems it appropriate and in the public interest
          that administrative proceedings be instituted pursuant to
          Sections 15(b) and 19(h) of the Securities Exchange Act of 1934
          (Exchange Act) and Section 203(f) of the Investment Advisers Act
          of 1940 (Advisers Act) against Jeffrey A. Egan (Egan).

          In anticipation of the institution of these administrative
          proceedings, the Respondent has submitted an Offer of Settlement,
          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 to which the Commission is a
          party, and without admitting or denying the Commission's
          findings, except for those contained in Paragraphs III.A. and
          III.B. below, which are admitted, Respondent consents to the
          entry of this Order Instituting Administrative Proceedings
          Pursuant to Sections 15(b) and 19(h) of the Securities Exchange
          Act of 1934 and Section 203(f) of the Investment Advisers Act of
          1940, Making Findings and Imposing Remedial Sanctions (Order).

                                         II.

          Accordingly, it is ordered that administrative proceedings
          pursuant to Sections 15(b) and 19(h) of the Exchange Act and
          Section 203(f) of the Advisers Act be, and hereby are,
          instituted.

                                         III.

          On the basis of this Order and the Offer of Settlement submitted
          by the Respondent, the Commission makes the following findings:

          A.   Egan, 37, resides in Bloomfield Hills, Michigan.  He has
          been a registered representative since November 1984 and has
          Series 6, 7, 24, 63, and 65 licenses.  Since May 1994, Egan has
          been associated with a broker-dealer registered with the
          Commission and an investment adviser registered with the
          Commission.

          B.On September 23, 1996, Egan pled guilty to one count of
          criminal information which charged him with theft of funds from a
          pension plan.  On May 13, 1997, the United States District Court
          for the Eastern District of Michigan sentenced Egan to fifteen
          months imprisonment and three years probation and ordered him to
          make restitution of $2.5 million to the pension fund.  See United
          States v. Jeffrey A. Egan, 96 CR 80371 (ED Mich. 1997).

          C.The criminal information upon which Egan's conviction was based
          stated that Egan and two other individuals misappropriated $3.06
          million from the pension fund of Peet Packing Company (Peet), a
          privately owned company based in Chesaning, Michigan.  The
          misappropriation occurred between January and September 1994, and
          was effected through a series of transfers of the funds, which
          were designed to conceal and disguise the nature, location,
          source, ownership, and control of the funds.

                                            IV.

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



          Accordingly, IT IS ORDERED that Egan is barred from association
          with any broker, dealer, investment company, investment adviser
          or municipal securities dealer.

          By the Commission.





          Jonathan G. Katz
          Secretary