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        United States Securities and Exchange Commission

Securities Exchange Act of 1934
Release No. 38498 / April 11, 1997

Accounting and Auditing Enforcement
Release No.   906 / April 11, 1997
 
Administrative Proceeding File No. 3-9295

     ADMINISTRATIVE PROCEEDINGS INSTITUTED AGAINST J.M. LEVY
     AND CO.; SOL GREENBAUM; AND DAVID COHEN

     The Securities and Exchange Commission has instituted public
administrative proceedings pursuant to Section 21C of the
Securities Exchange Act of 1934 and Rule 102(e)(1)(ii) and (iii)
of the Commission's Rules of Practice against J.M. Levy & Co.,
Sol Greenbaum, and David Cohen.

     The Order for Proceedings alleges as follows:  J.M. Levy, an
accounting partnership, through the actions of Greenbaum and
Cohen, two of its certified public accountants, participated in a
fraudulent scheme to overstate the inventory of the Peltz Food
Division of Chipwich, Inc., a public company, and to
misappropriate Chipwich corporate funds for the personal use of
Greenbaum and Chipwich's former CEO.  From at least February 1989
until May 1992, Greenbaum and Cohen assisted Chipwich's former
CEO in devising, implementing and concealing the inventory fraud.

In addition, they aided Chipwich's former CEO in covering up the
misappropriation of corporate funds.  By participating in these
fraudulent practices, the respondents caused Chipwich to file
materially false and misleading Forms 10-Q and 10-K with the
Commission.

     A hearing will be scheduled to determine whether the
allegations against J.M. Levy, Greenbaum, and Cohen are true and,
if so, to determine what remedial sanctions against them, if any,
are appropriate, and whether the Commission should issue a cease
and desist order against them.