Release: #3945-96

For Release:October 1, 1996

CFTC Files Statutory Disqualification Action Against Sanjay Saxena, a Registered Associated Person, and Select Sector Research and Management, Inc., a Registered Commodity Trading Advisor and Commodity Pool Operator, Both of Cary, North Carolina

WASHINGTON -- The Commodity Futures Trading Commission (CFTC) announced today that on September 30, 1996, it has filed a Notice of Intent to Suspend or Revoke Registrations against Sanjay Saxena and the firm Select Sector Research and Management, Inc. (Select Sector), both of Cary, North Carolina. Saxena is a principal and registered associated person of Select Sector, a firm which is registered with the CFTC as both a commodity trading advisor and commodity pool operator.

The CFTC's Notice alleges that on February 15, 1995, pursuant to a Securities and Exchange Commission (SEC) civil action against Saxena, the United States District Court for the District of Massachusetts ordered Saxena to disgorge funds and assets totalling over $700,000, and permanently enjoined him from:

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committing fraudulent acts and acts that operate as a fraud;

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offering to sell, buy or deliver unregistered securities; and,

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unless exempted, from entering into, extending or renewing certain investment advisory contracts.

The CFTC's Notice further alleges that, as a result of the federal court order entered in the SEC civil action against Saxena, both Saxena and Select Sector are statutorily disqualified from registration with the CFTC pursuant to Sections 8a(2)(C) and 8a(2)(H) of the Commodity Exchange Act.

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