EFTA00187059



BEAR STEARNS




Bear, Stearns & Co.

55 Water Street

New York, N.Y. 10041





WRITER'S DIRECT DIAL NUMBER




## Dear Jeffrey:

The Executive Committee has fully reviewed the matter referred to herein and after extensive deliberation has decided the following:

You have advised us that you made a loan to a customer for the purpose of his buying securities. This constitutes a violation of Regulation T. Taking into consideration your voluntary disclosure and the fact that it was a single instance, we find you $2.500.00

For failing to comply with the spirit of the NASD Regulations with respect to new issue distribution, we suspend you from active employment at Bear Stearns for a period of 60 days, effective immediately.

Yours very truly,

EXECUTIVE COMMITTEE



BEAR, STEARNS & CO.




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