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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 14738 / November 28, 1995
 
SECURITIES AND EXCHANGE COMMISSION v. GARY HOWARD FELSHER, IHOR
G. KUPCHYNSKY, KIM BUBOLO, RICHARD D. ZIPES, JAMES A. WEIL,
RONALD A. LEICHTNER, GEORGE KUPCHYNSKY, ROMAN KUPCHYNSKY, JASON
COHEN, AND JON TURNQUIST, 94 Civ. 4150 (LLS) 

NEW YORK --  The Commission announced today that the Honorable
Louis L. Stanton of the United States District Court for the
Southern District of New York entered final judgments on consent
against defendants Gary Howard Felsher, Richard D. Zipes, James
A. Weil, Ronald A. Leichtner and Jason Cohen permanently
enjoining each of them from future violations of Sections 10(b)
and 14(e) of the Securities Exchange Act of 1934 and Rules 10b-5
and 14e-3 thereunder.  Also, the Court entered a final judgment
on consent against defendant Jon Turnquist permanently enjoining
him from future violations of Section 14(e) of the Securities
Exchange Act of 1934 and Rule 14e-3.  The final judgments order a
total of $941,825.11 in disgorgement plus prejudgment interest,
and a total of $266,035.45 in civil penalties under the Insider
Trading and Securities Fraud Enforcement Act of 1988.  These
defendants each consented to the entry of the final judgment
against him without admitting or denying the allegations in the
Complaint, as amended.

     Any disgorgement and prejudgment interest paid by defendants
is being held by the Court for the benefit of persons who submit
valid claims arising under the federal securities laws by reason
of the conduct alleged against these defendants in the Complaint,
as amended.  Such claims must be submitted within one year after
the date of entry of each final judgment.  The Commission intends
to petition the Court to appoint a special claims master to
develop a distribution plan.

     In this action, the Commission alleged that, on or before
June 6, 1989, defendant Ihor G. Kupchynsky ("Kupchynsky") learned
of a planned tender offer for Colorado Prime Corp. ("Colorado
Prime") and communicated that information to defendants Bubolo,
Felsher and Turnquist.  Defendants Kupchynsky, Bubolo, Felsher
and Turnquist then purchased Colorado Prime securities on June 6
and 7, 1989, while in possession of this information.  The
Commission also alleged that, on or about October 30, 1989,
defendant Zipes misappropriated material, nonpublic information
concerning a planned tender offer for DeSoto, Inc. ("DeSoto"). 
Defendant Zipes allegedly tipped defendants Kupchynsky,
Leichtner, Felsher, Weil and/or Cohen; defendant Kupchynsky
allegedly tipped defendants Bubolo, George Kupchynsky, Roman
Kupchynsky, Felsher, Leichtner and/or Cohen; and defendant
Leichtner allegedly tipped Felsher, Weil and/or Cohen. 
Defendants Kupchynsky, Felsher, Bubolo, Weil, George Kupchynsky,
Roman Kupchynsky, Leichtner, and Cohen then purchased DeSoto
securities during the period October 30, through November 9,
1989, while in possession of the misappropriated information.


     The litigation is pending as to the remaining defendants. 
For further information, see Litigation Release No. 14115 (June
7, 1994).