UNITED STATES OF AMERICA
                                      Before the
                          SECURITIES AND EXCHANGE COMMISSION


             INVESTMENT ADVISERS ACT OF 1940
             Release No.  1753 / September 22, 1998

             ADMINISTRATIVE PROCEEDING
             File No.  3-9710


             ______________________________
                                           :
             In the Matter of              :ORDER INSTITUTING PUBLIC
                                           :ADMINISTRATIVE PROCEEDING
             ORLANDO R. LANDA,             :PURSUANT TO SECTION 203 (f)
                                           :OF THE INVESTMENT ADVISERS
             Respondent.                   :ACT OF 1940, MAKING FINDINGS,
             ______________________________:AND IMPOSING SANCTIONS


                                          I.

             The Securities and Exchange Commission ("Commission") deems
             it appropriate and in the public interest that a public
             administrative proceeding be instituted pursuant to Section
             203(f) of the Investment Advisers Act of 1940 ("Advisers
             Act") against Respondent Orlando R. Landa ("Landa" or
             "Respondent").  Accordingly, IT IS HEREBY ORDERED that said
             proceeding be, and hereby is, instituted.

                                         II.

             In anticipation of the institution of the administrative
             proceeding, Landa 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 in which the Commission is a party,
             and without admitting or denying the findings herein, except
             that Landa admits the jurisdiction of the Commission over
             him and over the subject matter of this proceeding, and the
             entry of a final judgment of permanent injunction against
             him, Landa consents to the entry of this Order Instituting
             Public Administrative Proceeding Pursuant to Section 203(f)
             of the Investment Advisers Act of 1940, Making Findings, and
             Imposing Sanctions ("Order") and to the entry of the
             findings and the sanctions set forth below.



                                         III.

             On the basis of this Order and Landa's Offer, the Commission
             finds that:

             A.Landa Securities Corporation ("Landa Securities"),
             formerly a Colorado corporation located in Temecula,
             California, was registered with the Commission as an
             investment adviser from 1993 until August 1997 (File No.
             801-43530).  On August 4, 1997, Landa Securities withdrew
             its registration as an investment adviser.  Landa Securities
             was dissolved in December 1997.

             B.Landa was associated with Landa Securities from May 1996
             through December 1997.  During 1997, Landa was chairman, CEO
             and majority shareholder of Landa Securities.

             C.On September 4, 1998, a final judgment was entered against
             Landa, in the United States District Court for the Central
             District of California, permanently enjoining him from
             future violations of Sections 5(a), 5(c) and 17(a) of the
             Securities Act of 1933 and Section 10(b) of the Securities
             Exchange Act of 1934 and Rule 10b-5 thereunder.  SEC v.
             Kellin Investment Corp., et al., Civil Action No. 98-7153
             ABC (Rcx) (C.D. Cal.).

             D.The Commission's Complaint in the above-referenced action
             alleges, among other things, that Landa, while associated
             with Landa Securities, engaged in the fraudulent offer and
             sale of unregistered securities through Kellin Investment
             Corporation ("Kellin").  The Complaint alleges that, from
             April until September 1997, Landa and Kellin sold securities
             in the form of notes purportedly backed by collateral and
             typically offering returns of 2% per month, raising
             approximately $4.1 million from about 58 investors.  The
             funds raised were to be used for unspecified "investment
             purposes."  Kellin sent correspondence to investors which
             stated that Landa Securities would provide investment advice
             to Kellin.  In connection with the sale of the notes, Landa
             made material misrepresentations and omissions regarding the
             existence of collateral and the use of funds raised.
             Specifically, Landa misrepresented that Kellin had obtained
             collateral for the investments and omitted to disclose that
             some of the funds raised were used to pay returns to
             investors.

                                         IV.

             Based upon the foregoing, the Commission deems it
             appropriate and in the public interest to impose the
             sanctions specified by Respondent in his Offer.







             Accordingly, IT IS ORDERED, that Respondent Landa be, and
             hereby is, barred from association with any broker, dealer,
             investment adviser, investment company or municipal
             securities dealer.

             By the Commission.



             Jonathan G. Katz
             Secretary