U.S. SECURITIES AND EXCHANGE COMMISSION


Securities Exchange Act of 1934
Release No. 38327 / February 24, 1997 

                 In the Matter of Vincent Poliseno 

Administrative Proceeding File No. 3-9256

     The Commission today entered an Order Instituting Proceedings
Pursuant to Section 8A of the Securities Act of 1933 and Section
15(b)(6), 19(h) and 21C of the Securities Exchange Act of 1934
against Vincent Poliseno, a registered representative at D.H. Blair
& Co., Inc., a broker dealer located in New York City.  The Order
institutes a public administrative proceeding to determine, among
other things, whether a cease and desist order should be entered
against Poliseno, whether he should be required to disgorge ill-
gotten gains and whether a penalty should be assessed against him. 

     The Division of Enforcement alleges that from 1993 through at
least 1995 Poliseno willfully engaged in fraudulent sales
practices, including:

         unauthorized trading in the accounts of elderly clients;

         churning a customer's account;

         executing transactions in the accounts of customers that
          were unsuitable in light of the customers' investment
          objectives and financial situations; and

         making materially false and misleading statements and  
          omitting material facts to customers concerning, among
          other things, losses in their accounts, expected
          increases in the price of stocks he recommended and the
          riskiness of stocks he recommended.