UNITED STATES OF AMERICA
                                    Before the
                         SECURITIES AND EXCHANGE COMMISSION

          SECURITIES EXCHANGE ACT OF 1934
          RELEASE NO. 40601 / October 26, 1998

          ADMINISTRATIVE PROCEEDING
          FILE NO. 3-9760
          ______________________________
                                        :    ORDER INSTITUTING PROCEEDINGS,
          In the Matter of              :    MAKING FINDINGS AND IMPOSING
                                        :    REMEDIAL SANCTIONS PURSUANT TO
          DANIEL J. BUBALO,             :    SECTIONS 15(b) and 19(h) OF THE
                                        :    SECURITIES EXCHANGE ACT OF 1934
                         Respondent.    :
                                        :
          ______________________________:

                                          I.

               The Securities and Exchange Commission ("Commission") deems
          it appropriate and in the public interest that public
          administrative proceedings be instituted against Daniel J. Bubalo
          ("Bubalo") pursuant to Sections 15(b) and 19(h) of the Securities
          Exchange Act of 1934 ("Exchange Act").

                                         II.

               In anticipation of the institution of these proceedings,
          Bubalo has submitted an Offer of Settlement ("Offer") 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 Commission's findings
          contained herein, except the Commission's findings set forth in
          Paragraphs III.A. and B., which are admitted, Bubalo consents to
          the entry of this Order Instituting Proceedings, Making Findings
          and Imposing Remedial Sanctions Pursuant to Sections 15(b) and
          19(h) of the Securities Exchange Act of 1934 ("Order").

               Accordingly, IT IS HEREBY ORDERED that proceedings pursuant
          to Sections 15(b) and 19(h) of the Exchange Act be and hereby are
          instituted.
                                         III.

               On the basis of this Order and Bubalo's Offer, the
          Commission finds that[1]:

               A.   From in or around 1991 through in or around February
          1995 (hereinafter "the relevant time period"), Bubalo was not
          registered as a broker or dealer with the Commission pursuant to
          the Exchange Act.  During the relevant period, Bubalo used Omni
          International Trading, Inc. ("Omni"), to effect transactions in,
          or induce or attempt to induce the purchase or sale of, certain
          Omni securities, at a time when Bubalo was not registered with
          the Commission as a broker or dealer.

               B.   On October 9, 1998, in the case of SEC v. Omni
          International Trading, Inc. et al., (Civil Action File No. 97
          Civ. 2116), the United States District Court for the District of
          Minnesota, entered an Order of Permanent Injunction and Other
          Equitable Relief against Bubalo, pursuant to his consent and
          without his admitting or denying the allegations contained in the
          Commission's Complaint, enjoining Bubalo from violating Sections
          5(a), 5(c) and 17(a) of the Securities Act, Sections 10(b),
          15(a)(1) and 15(c)(1) of the Exchange Act and Rules 10b-5 and
          15c1-2 promulgated thereunder.  The Complaint was based on the
          conduct alleged below.

               From in or about January 1991 through in or about February
          1995, Omni and the other defendants, including Bubalo, defrauded
          public investors through the offer and sale of over $4 million in
          Omni securities.  These securities were not registered with the
          Commission.  Throughout this time period, the Complaint alleged
          that Bubalo, an officer of Omni, and the other defendants, in
          connection with the offer and sale of these Omni shares, made
          numerous misrepresentations and omitted to state material facts
          regarding, among other things, Omni's future revenues, the use of
          proceeds, the listing of Omni securities for trading on the
          National Association of Securities Dealers Automated Quotations
          system ("NASDAQ"), a purported tender offer, the expected profit
          to be made on the tender offer and the commissions to be earned.
          In addition, the Complaint alleged that Bubalo acted as an
          unregistered broker or dealer.

                                         IV.

               In light of the foregoing, it is in the public interest to
          impose the sanctions specified in the Offer submitted by Bubalo.

                ACCORDINGLY, IT IS HEREBY ORDERED that Daniel J. Bubalo be,
          and hereby is, barred from association with any broker, dealer,
          municipal securities dealer, investment company or investment
          adviser.

               By the Commission.




               Jonathan G. Katz
               Secretary


          **FOOTNOTES**

            [1]: The findings herein are made pursuant to Bubalo's
                 Offer of Settlement and are not binding on any 
                 other person or entity named as a respondent in 
                 this or any other proceeding.