SECURITIES AND EXCHANGE COMMISSION

     LITIGATION RELEASE No. 15484 / September 10, 1997

     SECURITIES AND  EXCHANGE  COMMISSION  v.  MICHAEL ANTHONY  PIERCE,  ET  AL.
     (United  States District  Court for  the  District of  Massachusetts, Civil
     Action No. C-96-10600-RCL)

          The Securities and Exchange Commission ("Commission")  announced today
     that, on August  18, 1997,  a Final  Judgment of  Permanent Injunction  and
     Other Relief ("Final Judgment")  was entered against Jocelyn Jane  O'Rourke
     ("O'Rourke"), of  Conway, New  Hampshire, by  United States  District Judge
     Reginald  C.  Lindsey,  District  of  Massachusetts.   The  Final  Judgment
     permanently   enjoins  O'Rourke  from   violating  the   general  antifraud
     provisions  of the federal  securities laws and  orders her to  pay a civil
     monetary penalty  of $5000.  O'Rourke  consented to the entry  of the Final
     Judgment  without  admitting or  denying  any  of the  substantive  charges
     against her.  

          In its  complaint, which was filed  on March 21, 1996,  the Commission
     charged  O'Rourke  with  knowing  or reckless  participation  in  a  scheme
     orchestrated by Michael Anthony  Pierce ("Pierce"), a registered investment
     advisor, to misappropriate funds from Pierce's investment advisory clients.
     The Commission alleged that as part of that scheme, O'Rourke misrepresented
     her identity for  the purpose of  liquidating, without authorization,  four
     mutual fund  accounts owned  by Pierce's  clients.   Pierce used  the funds
     withdrawn from those accounts for his own benefit. 

          The Commission also  announced today  that, on September  8, 1997,  it
     entered  an administrative  order by  consent permanently  barring O'Rourke
     from the securities industry on the basis of the injunction entered against
     her.  Pierce,  who also has been enjoined and barred by the Commission, was
     prosecuted criminally  for his role in  the scheme and is  serving a fifty-
     seven month prison term. 

          See prior Litigation Release Nos. 14855 (March 25, 1996), 14869 (April
     10, 1996), 14889 (April 24, 1996), and 15268 (February 27, 1997).
















                              ======END OF PAGE 1======