UNITED STATES SECURITIES AND EXCHANGE COMMISSION

          Securities Exchange Act of 1934
          Release No.  40347 / August 20, 1998

          Administrative Proceeding
          File No. 3-9681

          On August 20, 1998,  the Commission instituted administrative and
          cease-and-desist proceedings pursuant to Section 8A of the
          Securities Act (Securities Act) and Sections 15(b), 15B(c)(4),
          19(h) and 21C of the Securities Exchange Act of 1934 (Exchange
          Act), against Oliver Williams (Williams) of Miami, Florida.  The
          Order Instituting Proceedings (Order) alleges that Williams
          operated as a non-registered principal of a municipal securities
          broker-dealer and that Williams was the president and sole owner
          of that broker-dealer.  The Order further alleges that from
          February through April 1996, while unregistered, the broker-
          dealer, through Williams, executed underwriting agreements which
          contained misrepresentations  regarding the broker-dealer's
          registration and capitalization status.
          
          The Order alleges that Williams willfully committed violations of
          Sections 17(a) of the Securities Act, Section 10(b) of the
          Exchange Act and, and Rule 10b-5, thereunder, and Rules G-2 and
          G-17 of  the  Municipal Securities Rulemaking Board (MSRB). The
          Order further alleges that Williams caused and aided and abetted
          violations of Sections 15B(a)(1), 15(c)(1) and 15B(c)(1) of the
          Exchange Act.
          
          A  hearing will be scheduled to determine whether the allegations
          against Williams are true, and if so, what sanctions, if any, are
          appropriate in the public interest against Williams.

          Staff Contact: Trisha D. Fuchs
          Branch Chief
          Southeast Regional Office
          (305) 982-6352