UNITED STATES SECURITIES AND EXCHANGE COMMISSION

          Securities Exchange Act of 1934
          Release No. 40477 / September 24, 1998

          Administrative Proceeding
          File No. 3-9723


           PUBLIC PROCEEDINGS INSTITUTED AGAINST ROBERT J. MELEDANDRI, JR.

               The Securities and Exchange Commission ("Commission") has
          instituted public proceedings against Robert J. Meledandri, Jr.
          ("Meledandri") of Coopersburg, Pennsylvania pursuant to Section
          8A of the Securities Act of 1933 ("Securities Act") and Sections
          15(b), 19(h) and 21C of the Securities Exchange Act of 1934
          ("Exchange Act").

               The Commission's Order Instituting Public Proceedings
          ("Order") alleges that from November 1996 through February 18,
          1997, Meledandri, while employed by the Allentown, Pennsylvania
          Branch Office of Prudential Securities, Inc., violated Section
          17(a) of the Securities Act and Section 10(b) of the Exchange Act
          and Rule 10b-5 thereunder, by executing unauthorized transactions
          in customer accounts and by fraudulently soliciting funds from a
          customer.  The Order alleges that Meledandri executed
          approximately 55 transactions in nine customer accounts without
          the customers' knowledge or consent.  The Order alleges that, as
          a result of these unauthorized transactions, Meledandri's
          customers suffered losses in excess of $500,000, and that
          Meledandri earned commissions of $4,466.17.  The Order also
          alleges that Meledandri solicited $20,000 from a customer to
          purchase a so-called tax-free bond, purportedly being issued by a
          company called Cetronia Holdings ("Cetronia").  The Order alleges
          that the bond did not exist, and that Meledandri failed to
          disclose to the customer, among other things, that Cetronia was
          owned by Meledandri and his wife.  The Order further alleges that
          Meledandri misappropriated the $20,000 and used it for his
          personal expenses.

               A public hearing will be scheduled to determine whether the
          Commission's allegations against Meledandri are true, and if so,
          whether any remedial action, including the issuance of a cease-
          and-desist order, is appropriate and in the public interest.