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                          SECURITIES AND EXCHANGE COMMISSION
                                   Washington D.C.


          Litigation Release No. 15032 / September 5, 1996

          Accounting and Auditing Enforcement
Release No. 811 / September 5, 1996

SECURITIES AND EXCHANGE COMMISSION v. ERNEST W. GRENDI, JOSEPH E.
GRENDI, JOHN K. MCQUADE, PHILIP M. MCGINN and EMCOR GROUP, INC.
(formerly known as JWP, INC.), 95 Civ. 8085 (DAB) (S.D.N.Y.)

     The Commission announced today that on August 21, 1996,
Ernest W. Grendi ("Grendi"), the former chief financial officer
of JWP, Inc. ("JWP"), was permanently enjoined, upon consent,
from violating the antifraud, corporate reporting, books and
records, and tender offer provisions of the federal securities
laws, ordered to pay disgorgement, and permanently prohibited
from serving as an officer or director of any public company.

     In a complaint filed on September 21, 1995, the Commission
alleges, among other things, that Grendi knowingly or recklessly
participated in a fraudulent accounting scheme, whereby he
caused, directly or indirectly, the recording of fictitious, and
other improper, accounting entries, the failure to record
expenses properly, the overstatement of assets on the books and
records of JWP and its subsidiaries, and false and misleading
information to be provided to JWP's independent auditors.  As a
result, the Commission alleges that for its year ended December
31, 1991, JWP reported net income of $60.3 million, which was
materially overstated by approximately $31.4 million; for its
quarter ended March 31, 1992, JWP reported net income of $1.4
million, which was materially overstated by approximately $14.6
million; and, for its quarter ended June 30, 1992, JWP disclosed
net income of $393,000, which was materially overstated by
approximately $54 million.  The Commission alleges that Grendi
also caused JWP to report materially misstated financial results
in a registration statement and Schedule 14D-1 filed with the
Commission.  Finally, the Commission alleges that as a result of
the fraudulent accounting scheme, Grendi was unjustly enriched
when he sold shares of JWP common stock that were overvalued and
thereby avoided losses; when he donated shares of JWP common
stock and received inflated tax benefits; and when he received a
bonus from JWP which was based on the materially overstated
financial results.

     Grendi consented, without admitting or denying the
allegations contained in the complaint, to the entry of a final
judgment permanently enjoining him from violating Section 17(a)
of the Securities Act of 1933, and Sections 10(b), 13(a) and
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14(e) of the Securities Exchange Act of 1934 ("Exchange Act") and
Rules 10b-5, 13a-1, 13a-13, 13b2-1 and 13b2-2.  The final 

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judgment also permanently prohibits Grendi from acting as an
officer or director of any issuer that has a class of securities
registered with the Commission pursuant to Section 12 of the
Exchange Act or that is required to file reports with the
Commission pursuant to Section 15(d) of the Exchange Act.  Last,
the final judgment orders Grendi to pay $670,872.70, representing
disgorgement of losses avoided by Grendi upon the sale of JWP
common stock in the amount of $502,310.70, disgorgement of the
value of the bonus Grendi received in 1992 in the amount of
$106,115.00, and disgorgement of the inflated tax benefits
received in 1991 and 1992 of $62,447.00 resulting from donating
as a charitable contribution shares of JWP common stock, plus
prejudgment interest of $244,293.20.  Based upon Grendi's
financial inability, payment of the prejudgment interest in the
amount of $244,293.20 is waived and Grendi is not ordered to pay
a civil penalty.

     The other defendants named in the complaint, JWP, Joseph E.
Grendi ("Grendi"), John K. McQuade ("McQuade"), and Philip M.
McGinn ("McGinn"), previously settled the Commission's action by
consenting, without admitting or denying the allegations, to the
entry of a permanent injunction from violations of the antifraud,
corporate reporting, books and records, and tender offer
provisions of the federal securities laws.  J. Grendi, McQuade
and McGinn consented to be ordered to disgorge $20,787.15,
$94,978.73 and $144,066.73, respectively.  In addition, J. Grendi
and McQuade agreed to pay a civil penalty of $17,391.00 and
$75,493.50, respectively.

(See Litigation Release No. 14647 for a further description of
the allegations contained in the Commission's complaint and
related settlements.)