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                SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.

Litigation Release No. 15076 / September 26, 1996

SEC v. NIR KANTOR, et al. C.A. No. 96-4012 (SWK) (S.D.N.Y. May
29, 1996)

     The U.S. Securities and Exchange Commission announced that
on September 12, 1996, U.S. District Court Judge Shirley Wohl
Kram entered final judgments enjoining Nir Kantor and Hanan
Waizman from violating Sections 10(b) and 14(e) of the Securities
Exchange Act of 1934 and Rules 10b-5 and 14e-3 thereunder.  The
Court ordered that Kantor disgorge $29,893.39 plus prejudgment
interest, and that Waizman disgorge $20,412.86 plus prejudgment
interest, amounts that represented their unjust enrichment from
the transactions alleged in the Commission's complaint.  The
Court also ordered Waizman to pay a civil penalty of $10,206.43
pursuant to the Insider Trading Sanctions Act.  In view of
Kantor's demonstrated financial condition, the Court waived
Kantor's payment of disgorgement and interest, and did not order
Kantor to pay a civil penalty.  

     Kantor and Waizman consented to the entry of the final
judgments without admitting or denying the allegations in the
Commission's complaint.  The Commission's complaint alleged that
Kantor learned of ITT Corp.'s proposed tender offer for the
common stock of Caesars World in the course of his employment as
assistant vice president in the compliance department of Bankers
Trust Securities, the broker-dealer subsidiary of the investment
banking firm that was advising ITT in the transaction.  The
complaint further alleged that Kantor tipped Waizman, his cousin,
in breach of a duty of trust and confidence, and that Kantor and
Waizman made illegal profits of more than $50,000 in December
1994 by purchasing Caesars call options before the public
announcement of ITT's tender offer.