UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No. 15646 / February 19, 1998 

     SECURITIES AND EXCHANGE COMMISSION v. VICTOR TEICHER, ROSS S. FRANKEL,
     VICTOR TEICHER & CO. AND CARMEL PARTNERS, LP., 91 Civ. 1634(MP)
       

          On December 11, 1997, Victor Teicher and two entities, Victor Teicher
     & Co. and Carmel Partners, LP, (the "Teicher Defendants") were ordered, by
     consent, to pay $982,594.14 in disgorgement, pre-judgment interest and
     penalties.  The Teicher Defendants agreed to entry of the order, which also
     enjoins them from future violations of Sections 10(b) and 14(e) of the
     Securities Exchange Act of 1934, and Rules 10b-5 and 14e-3 thereunder.

          In the Commission's lawsuit, filed in March 1991, Victor Teicher was
     alleged to have purchased seven different stocks in 1986, while in
     possession of non-public information (Allegheny International, Inc.,
     American Brands, Inc., American Can, Inc., Avondale Mills, Inc.,
     Westchester Financial Services, Co. and Warnaco, Inc., Revco, D.S. Inc.). 
     According to the complaint, the inside information was misappropriated from
     three sources: a law firm (Paul, Weiss, Rifkind, Wharton & Garrison), an
     investment banking firm (Drexel Burnham & Lambert Inc.), and a broker-
     dealer (Marcus Schloss & Co.).  Teicher, an investment manager, was alleged
     to have obtained the non-public information from members of the so-called
     "Yuppie Five" group of insider traders.  The Teicher Defendants agreed to
     disgorge $265,400.44, representing the profits from the trading in the
     seven securities.  The Teicher Defendants also agreed to pay pre-judgment
     interest on the disgorgement amount of $498,713.57, and a civil penalty of
     $218,480.13 pursuant to the Insider Trading Sanctions Act of 1984.  The
     payments are due by December 22, 1997.  Teicher was previously tried and
     convicted on criminal charges arising from the same trades.  (See
     Litigation Releases Nos. 11915, November 18, 1988; 12800, March 8, 1991;
     14109, June 4, 1992.)



















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