UNITED STATES OF AMERICA
                                      Before the
                          SECURITIES AND EXCHANGE COMMISSION


          SECURITIES EXCHANGE ACT OF 1934
          Release No. 40259 / July 23, 1998


          ADMINISTRATIVE PROCEEDING
          File No. 3-9655



                                             :     ORDER INSTITUTING PUBLIC
          In the Matter of                   :     PROCEEDINGS PURSUANT TO
                                             :     SECTIONS 15(b) AND 19(h)
          ROSARIO RUSSELL RUGGIERO           :     OF THE SECURITIES EXCHANGE   
                                             :     ACT OF 1934, MAKING FINDINGS,
                                             :     AND IMPOSING SANCTIONS  
                                             :  
                                                        


                                          I.

          The Securities and Exchange Commission deems it appropriate and
          in the public interest to institute public administrative
          proceedings against the Respondent, Rosario Russell Ruggiero,
          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 administrative
          proceedings, Ruggiero has submitted an Offer of Settlement
          ("Offer") to the Commission, which the Commission has determined
          to accept.  Solely for the purpose of this proceeding and any
          other proceeding brought by, or on behalf of the Commission, or
          to which the Commission is a party, Ruggiero has consented to the
          issuance of this Order Instituting Public Proceedings, Making
          Findings, and Imposing Sanctions ("Order").

          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 and Ruggiero's Offer of Settlement,
          the Commission finds that:

          A.  From April 1987 through October 1987, Ruggiero was associated
          with a broker-dealer registered with the Commission pursuant to
          Section 15(b) of the Exchange Act;

          B.The Commission filed a Complaint on November 20, 1990, alleging
          that from July through October 1987, Ruggiero participated in a
          scheme to manipulate the prices of six securities:  Big O Tires,
          Inc., Cliff Engle Ltd., Digital Metcom, Inc., Fountain Powerboat
          Industries, Inc., TS Industries, Inc. and Tunex International,
          Inc.  The Commission's Complaint alleged that Ruggiero
          participated in the manipulation scheme by purchasing these
          securities for his customers to increase or prevent the decline
          of the prices of the securities.

          C.On February 28, 1995, after a trial in the United States
          District Court for the Southern District of New York, the
          Honorable Harold Baer, Jr. found that Ruggiero had violated
          Sections 17(a)(1), 17(a)(2) and 17(a)(3) of the Securities Act of
          1933 and Sections 9(a)(2) and 10(b) of the Securities Exchange
          Act of 1934 and Rule 10b-5 thereunder, ordered Ruggiero to pay
          disgorgement, and enjoined Ruggiero from committing future
          violations of the securities laws.

                                         IV.

                                        ORDER

          Based on the foregoing, the Commission deems it appropriate and
          in the public interest to impose the sanctions which are set
          forth herein.

          ACCORDINGLY, IT IS HEREBY ORDERED THAT Ruggiero be, and he hereby
          is, barred from association with any broker, dealer, municipal
          securities dealer, investment adviser, or investment company.

          By the Commission.


          ______________________________
          Jonathan G. Katz
          Secretary