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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION



Litigation Release No. 14954 / June 20, 1996 

Securities & Exchange Commission v. Jacob H. Rivers
(United States District Court for the Eastern District of New
York, Civil Action No. 93-CV-1786)

     The Securities and Exchange Commission announced that on
April 19, 1995, the Honorable Frederick Bloch of the United
States District Court for the Eastern District of New York
entered a Final Judgment and Order against Jacob H. Rivers,
former vice president of Bolar Pharmaceutical Co., Inc, a generic
drug company.  The Final Judgment permanently enjoins Rivers from
future violations of Section 17(a) of the Securities Act of 1933
and Section 10(b) of the Securities Exchange Act of 1934, and
Rule 10b-5 thereunder, and permanently enjoins him from acting as
an officer or director of a reporting company.  Rivers was also
ordered to disgorge $5,366,938 together with prejudgment
interest; however, payment of the same was waived based on
Rivers' demonstrated inability to pay.  Rivers consented to the
Final Judgment and Order without admitting or denying the
allegations in the Commission's Complaint. 

     The Commission's Complaint alleges that between January 1988
and December 1989, Rivers sold  Bolar stock, while in possession
of material inside information regarding fraudulent practices in
relation to Bolar's generic version of the brand name drug,
Dyazide.  Among other things, Rivers attempted to obtain U.S.
Food & Drug Administration approval for the generic drug by using
falsified test information, and attempted to obstruct an
investigation by the United States Congress of Bolar's activities
and those of other generic drug manufacturers.  As a result of
these trades, Rivers was unjustly enriched in the amount set
forth above.