FOR IMMEDIATE RELEASE                                     2000-12

  SEC Charges Two Day-Trading Firms With Violations of Federal
                       Margin Regulations
                                
Firms Loaned Customers Funds in Excess of Legal Limits To Permit
                        Continued Trading

     Washington, DC, February 22, 2000 -- The Securities and
Exchange Commission today sued two broker-dealers -- All-Tech
Direct, Inc. and Investment Street Company - and nine individuals
for violating the federal margin lending provisions by providing
loans in excess of legal limits to day trading customers.  The
Commission also charged some of the respondents with failing to
disclose required information about the terms of the loans.  All-
Tech and seven associated persons are contesting the charges.
Without admitting or denying the charges, Investment Street, two
associated persons, and Dynamic Trading of Miami, Inc, an
unregistered firm providing administrative services for
Investment Street, settled the charges by agreeing to cease-and-
desist orders, civil money penalties, and suspensions from
affiliation with a broker-dealer for the two associated persons.

     Richard H. Walker, Director of the Division of Enforcement,
said, "Margin magnifies both the risks and costs of day-trading.
We will not allow day-trading firms to overextend margin and keep
customers afloat so the firms may continue to generate
commissions.  We will be vigilant in ensuring that day-trading
broker-dealers disclose key terms of margin loans as required by
law."

     All-Tech Direct, Inc. of Montvale, NJ and Investment Street
Company of Miami, FL, specialize in executing trades for day
traders by offering their customers trading facilities equipped
with computers and specialized software that analyze securities
markets and allow rapid entry of orders directly with market
centers.  Most day traders rely extensively on margin loans to
purchase securities and trade in high volume. The conduct alleged
in these proceedings enabled day traders to engage in a greater
volume of trading, despite their lack of funds to meet margin
requirements.  As a result, the traders continued to generate
commissions for the broker-dealer firms.

All-Tech Direct, Inc.

     The Commission alleges that throughout 1998, All-Tech and
seven associated persons were responsible for making 103
unsecured loans to customers to meet margin calls totaling more
than $3.6 million.  These loans enabled customers to meet margin
calls and continue trading when the balance in their accounts
fell below required levels.  The Commission alleges that All-Tech
made the loans by drawing from the assets of three associated
persons who are respondents:  Ralph Zulferino, manager of All-
Tech's Edison, NJ office; David Waldman, employed in All-Tech's
headquarters; and Adam Leeds, employed in All-Tech's San Diego,
CA branch office.  The Commission also alleges that the following
four individuals aided and abetted the violations by authorizing
or otherwise facilitating the loans to All-Tech customers:  Mark
Shefts, president of All-Tech; Harry Lefkowitz, vice-president of
operations; Lisa Esposito, head of All-Tech's margin department;
and Barry Parrish, manager of All-Tech's San Diego office.

Investment Street Company

     In a settled administrative proceeding, the Commission found
that between November 1997 and March 1999, Investment Street, one
of its directors, Emilio Sardi, and president Javier Saenz were
responsible for making at least 22 unsecured loans to customers
to meet margin calls totaling $250,000.  Investment Street
utilized funds from accounts controlled by respondent Sardi to
make loans so that customers could meet margin calls.  In
addition, Investment Street and Dynamic Trading allowed
unregistered individuals to conduct business that required them
to register with the NASD.

     Trading on margin is one of several risks that day-traders
should be aware of and that are outlined in the Commission's
publication:  Day Trading: Your Dollars at Risk, available on the
Commission's website at: http://www.sec.gov/consumer/daytips.htm.

For further information, contact:

All-Tech matter --            Investment Street matter --
Barry W. Rashkover            Glenn S. Gordon
Northeast Regional Office     Southeast Regional Office
Assistant Regional Director   Assistant Regional Director
212-748-8373                  305-982-6360

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