UNITED STATES OF AMERICA
                                       Before the
                            SECURITIES AND EXCHANGE COMMISSION

             SECURITIES EXCHANGE ACT OF 1934
             Release No. 40489 / September 28, 1998

             ADMINISTRATIVE PROCEEDING
             File No. 3-9736
             ______________________________
                                           :  ORDER INSTITUTING PUBLIC
             In the Matter of              :  ADMINISTRATIVE PROCEEDINGS
                                           :  PURSUANT TO SECTIONS 15(b)
             Patricia S. Gale,             :  AND 19(h) OF THE SECURITIES
                                           :  EXCHANGE ACT OF 1934,
                                           :  MAKING FINDINGS AND
             Respondent.                   :  IMPOSING REMEDIAL SANCTIONS
             ______________________________:

                                                        I.

                  The Securities and Exchange Commission (Commission)
             deems it appropriate and in the public interest to institute
             administrative proceedings against Patricia S. Gale (Gale)
             pursuant to Sections 15(b) and 19(h) of the Securities
             Exchange Act of 1934 (Exchange Act).  In anticipation of the
             institution of these administrative proceedings, Gale has
             submitted an Offer of Settlement (Offer) which the
             Commission has determined to accept.  Solely for the purpose
             of these proceedings and any other proceedings brought by or
             on behalf of the Commission or in which the Commission is a
             party, and without admitting or denying the findings
             contained herein, except those matters contained in
             subparagraphs III.(A) and (B) below, which are admitted,
             Gale, by her Offer, consents to the entry of this Order
             Instituting Proceedings, 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.

                                         III.

                  On the basis of this Order and Gale's Offer, the
             Commission makes the following findings:


                       A. During the period from in or about November
                  1989 to October 1990, Gale was a registered representative
             associated with a registered broker-dealer.

                       B. On October 3, 1997, in the case of SEC v.
             Gary W. Berus, et al. (Civil Action File No. 96-74524),
             Judge Nancy G. Edmunds of the United States District Court
             for the Eastern District of Michigan, Southern Division,
             entered an Order of Permanent Injunction and Other Equitable
             Relief against Gale, pursuant to her consent and without
             admitting or denying the allegations contained in the
             Commission's Complaint, enjoining Gale from violating
             Section 17(a) of the Securities Act of 1933, Sections 10(b),
             15(a)(1) and 15(c)(1) of the Exchange Act and Rules 10b-5
             and 15c1-2 promulgated thereunder.

                       C. The Commission's Complaint alleged that from
             approximately January 1990 to in or about April 1994, Gale,
             among others, participated in a scheme whereby approximately
             120 investors were defrauded in connection with the offer,
             purchase and sale of over $3 million in fictitious
             certificates of deposit issued by a purported international
             bank, Century Security Bank & Trust, Ltd., and interests in
             two investment clubs, Profit Masters Group and Meca
             International, Inc.  In connection therewith, Gale, directly
             and indirectly, made misrepresentations and omissions of
             material fact concerning the legitimacy of the investments,
             the returns to be expected, the commissions generated and
             the risks involved.  The Commission's Complaint further
             alleged that by regularly offering and selling such
             securities for the account of others while also receiving
             commissions from such sales, Gale was acting as a securities
             broker and should have been registered as a broker-dealer
             with the Commission.

                                           IV.

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

                   ACCORDINGLY, IT IS ORDERED THAT:

                  Patricia S. Gale 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