UNITED STATES OF AMERICA
                                      before the
                          SECURITIES AND EXCHANGE COMMISSION


     SECURITIES EXCHANGE ACT OF 1934
     Release No.  40061 / June 3, 1998

     ADMINISTRATIVE PROCEEDING 
     File No. 3-9618

                                     
                                     :  ORDER INSTITUTING ADMINISTRA-
     In the Matter of                :  TIVE PROCEEDINGS PURSUANT TO
                                     :  SECTIONS 15(b) AND 19(h) OF
     JOSEPH MICELI, JR.              :  THE SECURITIES EXCHANGE ACT
                                     :  OF 1934, MAKING FINDINGS AND
              Respondent.            :  IMPOSING REMEDIAL SANCTIONS
                                     :
                                     



                                          I

          The Securities and Exchange Commission ("Commission") deems it
     appropriate and in the public interest that public administrative
     proceedings be instituted pursuant to Sections 15(b) and 19(h) of the
     Securities Exchange Act of 1934 ("Exchange Act") against Respondent Joseph
     Miceli, Jr. ("Miceli" or "Respondent").

                                          II

          In anticipation of the institution of these proceedings, Miceli 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 findings
     contained herein, except as to jurisdiction of the Commission over
     Respondent and over the subject matter of this proceeding, and except as to
     paragraphs III.A., and B., below, which are admitted.  Respondent Miceli,
     by his Offer, consents to the entry of the findings and remedial sanctions
     set forth below.

        Accordingly, it is 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 Instituting Administrative Proceedings
     Pursuant to Sections 15(b) and 19(h) of the Exchange Act, Making Findings
     and Imposing Remedial Sanctions ("Order"), and Respondent's Offer, the

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     Commission finds that: 

          A.   From March 1990 through September 1996, Miceli was a registered
               representative of a registered broker-dealer.

          B.   On July 17, 1997, Miceli pled guilty to a one count criminal
               information charging him with conspiracy to commit securities
               fraud, mail fraud and wire fraud. United States v. Miceli, Case
               No. 96-6144-CR-GONZALEZ (S.D. Fla. 1996). 

          C.   The criminal information alleged that Miceli accepted undisclosed
               commissions of approximately $10,000 from a promoter for inducing
               his clients to purchase securities of certain issuers affiliated
               with the promoter. 

          D.   On July 17, 1997, Miceli was sentenced to five months in prison,
               three years of probation and ordered to pay $13,396 in
               restitution.

                                          IV

          In view of the foregoing, the Commission deems it appropriate and in
     the public interest to impose the sanctions specified in the Respondent's
     Offer.

          ACCORDINGLY, IT IS ORDERED that Miceli is hereby barred from
     association with any broker, dealer, municipal securities dealer,
     investment adviser or investment company.


          By the Commission.




                                             Jonathan G. Katz
                                             Secretary
















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