UNITED STATES OF AMERICA
                                     Before the
                         SECURITIES AND EXCHANGE COMMISSION

          SECURITIES EXCHANGE ACT OF 1934
          Release No. 40964 / January 22, 1999

          ADMINISTRATIVE PROCEEDING
          FILE NO.  3-9815

                                   :    ORDER INSTITUTING A PUBLIC
          In the Matter of         :    PROCEEDING PURSUANT TO SECTIONS
                                   :    15(b)(6) AND 19(h) OF THE SECURITIES
                                   :    EXCHANGE ACT OF 1934, MAKING
          Eric Monchecourt         :    FINDINGS AND IMPOSING REMEDIAL 
                                   :    SANCTIONS
         

                                         I.

               The  Securities and Exchange Commission ("Commission") deems
          it appropriate  and  in  the public interest that a proceeding be
          instituted  pursuant  to  Sections  15(b)(6)  and  19(h)  of  the
          Securities Exchange Act of  1934 ("Exchange Act") with respect to
          Eric Monchecourt ("Monchecourt").

               In  anticipation of the institution  of  these  proceedings,
          Monchecourt   has   submitted  to  the  Commission  an  Offer  of
          Settlement which the Commission has determined to accept.  Solely
          for the purpose of these  proceedings  and  any other proceedings
          brought  by  or  on  behalf of the Commission, or  to  which  the
          Commission is a party,  and  without  admitting  or  denying  the
          findings of fact or conclusions of law, except those contained in
          paragraph  III.B. below, which are admitted, Monchecourt consents
          to the entry  of  this  Order  Instituting  a  Public Proceeding,
          Making Findings and Imposing Remedial Sanctions ("Order").

                                         II.

               Accordingly,  IT  IS ORDERED that a proceeding  pursuant  to
          Sections  15(b)(6)  and 19(h)  of  the  Exchange  Act  is  hereby
          instituted.

                                        III.

               On the basis of  this  Order  and  the  Offer  of Settlement
          submitted by Monchecourt, the Commission finds that:

               A.   From  at  least  1987  through  1989,  Monchecourt  was
                    executive  vice-president  and  a  director   of  Power
                    Securities  Corp.  ("Power").   During the same period,
                    Power   was   a  broker-dealer  registered   with   the
                    Commission pursuant  to  Section  15  of the Securities
                    Exchange Act of 1934;

               B.   On  December  2,  1998,  in  Securities  and   Exchange
                    Commission  v.  Power  Securities  Corporation,  et al.
                    (C.A.  No. 90-S-1579), the United States District Court
                    for the  District  of Colorado entered a final judgment
                    permanently enjoining  Monchecourt  from violating Sec-
                    tion 17(a) of the Securities Act of 1933,  and  Section
                    10(b)  of the Securities Exchange Act of 1934 and  Rule
                    10b-5 promulgated thereunder; and

               C.   The  Commission  alleged  in  Securities  and  Exchange
                    Commission v. Power Securities Corporation, et al. that
                    Monchecourt,   during   1988,   engaged   in   repeated
                    fraudulent   conduct,   particularly   directing   that
                    registered  representatives  of  Power  make fraudulent
                    misrepresentations and omissions in connection with the
                    offer and sale to customers of penny stocks.

                                         IV.

               In  view of the foregoing, it is in the public  interest  to
          impose the sanctions specified in the Offer of Settlement.

               Accordingly, IT IS ORDERED THAT:

               A.   Monchecourt is barred from association with any broker,
                    dealer,   investment  company,  investment  adviser  or
                    municipal securities dealer effective immediately; and

               B.   Monchecourt   is   barred  from  participation  in  any
                    offering of penny stock.

               By the Commission.




                                             Jonathan G. Katz
                                             Secretary