UNITED STATES SECURITIES AND EXCHANGE COMMISSION

      LITIGATION RELEASE NO.16045 / January 26, 1999

      SECURITIES AND EXCHANGE COMMISSION v. PETER JOSEPH CAMMARANO AND
      CAMMARANO AND ASSOCIATES, INC., H-98-3707, USDC, SD/TX (Houston
      Division)

           On January 19, 1999, an Order of Permanent Injunction and Other
      Equitable Relief was entered against Peter Joseph Cammarano
      ("Cammarano"), a former licensed securities salesman, and his company,
      Cammarano & Associates ("CAI"),  whom the Commission charged with
      misappropriation of approximately $1.5 million of investor funds from
      at least 24 investors.   Cammarano and CAI were also ordered to pay
      disgorgement of ill-gotten gains and a civil penalty to be set by
      agreement of the parties, or by the Court.  Cammarano and CAI consented
      to the entry of the order without admitting or denying the allegations
      in the Commission’s complaint.

           The Commission's complaint alleged that Cammarano solicited
      clients to liquidate or transfer their retirement money and other
      investments to a CAI business account for the stated purpose of
      purchasing securities and other investments in those accounts.
      Cammarano provided his customers with confirmations and account
      statements on CAI letterhead, reflecting that securities or other
      investments had purportedly been purchased for the customers' account;
      however, contrary to Cammarano's representations to his clients,
      Cammarano deposited the clients' funds into bank accounts that he
      controlled.

           The order permanently enjoins Cammarano and CAI from engaging in
      further violations of  Section 17(a) of the Securities Act of 1933, and
      Sections 10(b) and 15(a)(1)of the Securities Exchange Act of 1934, and
      Rule 10b-5 thereunder.