U.S. SECURITIES AND EXCHANGE COMMISSION

             Securities Act of 1933
             Release No.    7642 / February 24, 1999

             Securities Exchange Act of 1934
             Release No.  41101 / February 24, 1999

             Administrative Proceeding File No. 3-9836

             ADMINISTRATIVE PROCEEDINGS INSTITUTED AGAINST  RCG CAPITAL
             MARKETS GROUP, INC. AND ARTHUR MAX RAMRAS FOR FAILING TO
             DISCLOSE PAYMENTS FROM ISSUERS FOR TOUTING STOCKS

             The Securities and Exchange Commission ("Commission") announced 
             today that it issued an Order Instituting a Public Administrative
             and Cease-and-Desist Proceeding Pursuant to Section 8A of
             the Securities Act of 1933 and Sections 15(b) and 19(h) of
             the Securities and Exchange Act of 1934 ("Order") against
             RCG Capital Markets Group, Inc. ("RCG") and RCG’s owner
             Arthur Max Ramras ("Ramras").  The Commission’s Order
             alleges that between November 1998 and January 1999, RCG and
             Ramras touted the stocks of nine issuers by favorably
             describing the issuers and their stocks on RCG’s website in
             exchange for compensation packages that included cash and
             performance-based stock options.  The Order further alleges
             that RCG and Ramras failed to disclose the nature and amount
             of consideration received from the clients, in violation of
             Section 17(b) of the Securities Act of 1933.

             RCG is based in Phoenix, Arizona, and offers financial
             relations services to small and microcap issuers.  Ramras is
             the President, Chief Executive Officer and sole shareholder
             of RCG.  Ramras is also associated as a registered
             representative with a registered broker-dealer.

             A hearing will be held before an administrative law judge to
             determine whether the staff’s allegations are true, and if
             so, whether cease-and-desist orders should be issued against
             respondents and whether any remedial action should be
             ordered against Ramras.


             Kelly Bowers
             Assistant Regional Director
             Pacific Regional Office
             (323) 965-3924