NR 95-121
  November 7, 1995
  
    OCC And NASD Announce Settlement of Enforcement Actions 
            Against Employees of Worthen Investments
  
  The Office of the Comptroller of the Currency (OCC) and the
  National Association of Securities Dealers, Inc. (NASD) today
  announced the settlement of a series of enforcement actions
  against present and former employees of Worthen Investments,
  Inc., for misrepresenting information to potential investors
  regarding certain mutual funds and failing to assure the
  accuracy of information provided to potential investors.  At
  the time, Worthen Investments, Inc. was an operating subsidiary
  of Worthen National Bank of Arkansas, Little Rock.  The firm
  has now been acquired by Boatmen's National Bank of Arkansas,
  Little Rock.
  
  The OCC concluded that the misrepresentations to potential
  investors constituted unsafe and unsound practices and violated
  provisions of the February 15, 1994, Interagency Statement on
  Retail Sales of Nondeposit Investment Products.  The
  misrepresentations also violated the NASD's Rules of Fair
  Practice and Securities Exchange Act regulations.  
  
  NASD's actions against the 14 registered representatives and
  principals included penalties that range from $2,500 to
  $70,300.  NASD suspended three of the individuals from
  securities related activities for periods ranging from 30 days
  to five years.  In addition, Worthen Investments, Inc. was
  fined $100,000 and has been ordered to cease operations using 
  the Worthen name by November 30, 1995.
  
  The OCC's actions parallel NASD's suspension of two executives
  of Worthen Investments, Inc.  These prohibit Jamai W. Weber, a
  former Vice President, from all securities activities at
  depository institutions for three months and Frank M.
  McGibbony, Executive Vice President, from principal activities
  for thirty days.  The OCC also determined to pursue an action
  against  Patrick D. Miller, former President of the investment
  firm,  prohibiting him from principal activities for five
  years.
  
  "The OCC greatly appreciates the extensive cooperation provided
  by the NASD in this matter, particularly the NASD's District 5
  office in New Orleans," said David P. Apgar, Senior Policy
  Advisor to the Comptroller.
  
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  The OCC charters, regulates and examines America's approximately 3,000
  national banks which hold 50 percent of the nation's bank assets.  Its
  mission is to engender confidence in the nation's financial structure by
  safeguarding the safety and soundness of the national banking system.