Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, November 1, 1994                   TAG: 9411010104
SECTION: BUSINESS                    PAGE: C-7   EDITION: METRO 
SOURCE: The Washington Post
DATELINE: NE$XW YORK                                LENGTH: Short

GAO PROBES INVESTOR HOT LINE

The General Accounting Office has begun an examination of the hot line, run by the National Association of Securities Dealers, and the Securities and Exchange Commission staff plans its own review within the year, according to letters made public Monday by Rep. Edward J. Markey, D-Mass., chairman of the House Subcommittee on Telecommunications and Finance.

Markey has complained to the SEC and NASD that the hot line provides incomplete data to callers.

In one case where members of Markey's staff called the hot line, three disciplinary actions by state securities regulators were not reported and the hot line did not mention that the broker in question had paid $157,000 to settle customer complaints alleging abusive sales practices.

The payments were not reported because the settlements were reached before the NASD arbitration panel could make a ruling as to fault, NASD's Jay Cummings wrote.