UNITED STATES SECURITIES AND EXCHANGE COMMISSION


          SECURITIES ACT OF 1933
          RELEASE NO.   7569 /  September 1, 1998

          SECURITIES EXCHANGE ACT OF 1934
          RELEASE NO.  40388 / September 1, 1998

          ADMINISTRATIVE PROCEEDING
          FILE NO. 3-9690

          The    United   States   Securities   and   Exchange   Commission

          ("Commission") has instituted administrative and cease-and-desist

          proceedings  pursuant to Section 8A of the Securities Act of 1933

          ("Securities Act")  and  Sections  15(b),  19(h)  and  21C of the

          Securities  Exchange Act of 1934 ("Exchange Act") against  Joseph

          P. Tufo ("Tufo")  of  Alamo,  California,  to determine whether a

          cease-and-desist  order  and/or  remedial  sanctions,  should  be

          imposed against him.  The Order Instituting Public Administrative

          and Cease-and-Desist Proceedings ("Order") alleges  that Tufo was

          associated as a registered representative with SIFE, a registered

          broker-dealer.  The Order alleges that from October 1996  through

          September  1997,  Tufo  willfully  violated  the registration and

          anti-fraud provisions of the Securities Act and  Exchange  Act in

          connection  with his participation in the unregistered offer  and

          sale to the public  of securities in the form of promissory notes

          issued by Medco, Inc.   A  hearing will be scheduled to determine

          whether the allegations against  Tufo  are  true, and if so, what

          sanctions, if any, are appropriate in the public interest against

          Tufo.