==========================================START OF PAGE 1======

                SECURITIES AND EXCHANGE COMMISSION
                         WASHINGTON D.C.

Litigation Release No. 15007 / August 8, 1996

SECURITIES AND EXCHANGE COMMISSION v. FRANK DUCA AND 
JAN JUSKO, 95 Cv. 4475  U.S.D.C., E.D.N.Y.

     The Securities and Exchange Commission today announced that
the Honorable Judge Joanna Seybert, United States Judge for the
Eastern District of New York, entered an Order of Permanent
Injunction and Other Equitable Relief By Consent against
defendant Frank Duca ("Duca").  The Order enjoins the defendant
from future violations of Section 17(a) of the Securities Act of
1933 ("Securities Act"), Section 10(b) of the Securities Exchange
Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder.  The
defendant consented to the entry of the Order without admitting
or denying the allegations of the Commission's Complaint.

     The Commission's Complaint, filed November 2, 1995, alleges
that, from in or about May 1991 to in or about September 1993,
Duca, former chief executive officer of Island Securities, Inc.,
a registered broker-dealer, misappropriated more than $535,000
from sixteen of his customers' accounts using an elaborate scheme
involving, among other things, material misrepresentations and
omissions, forged client authorizations, forged endorsement
signatures on mutual fund redemption checks, and fabricated
account statements.  The Complaint also alleges that, as part of
that scheme, Duca falsely told customers that he would invest
their money in "tax-free government bonds" when, in fact, Duca
knew that he would not be investing their money in any type of
government bond and, instead, gave customers promissory notes in
the name of Allvest Corp, an entity with which he was affiliated.

Furthermore, instead of investing his customers' money as stated,
Duca used his customers' money for his own personal benefit.  In
addition, the Complaint alleges that Duca made misrepresentations
and omissions of material fact as to, among other things, the
nature of the investments and the degree of risk accompanying the
investments.  The Complaint further alleges that Duca omitted to
disclose to customers that he was affiliated with Allvest Corp.  

     In addition, the Complaint alleges that Duca misappropriated
money that customers had given him for the purchase of mutual
fund shares and also misappropriated customers' monies which had
been invested in mutual fund shares directly from the customers'
accounts.  The Complaint alleges that Duca concealed his
fraudulent activity by implementing a scheme in which he first
changed the mailing addresses on his customers' accounts to the
Island address without their knowledge or consent.  Duca then
redeemed shares from the customers' mutual funds by forging
customer signatures on the redemption forms.  After the
redemption checks were mailed to the Island address, Duca
==========================================START OF PAGE 2======

endorsed the checks by forging the customers' signatures.  Duca
then deposited this money into his personal Franklin New York
Tax-Exempt Money Fund and used the money for his own personal
expenditures.