SECURITIES

Ex-Comex Official Admits Fraud: Charles Federbush, a former vice chairman at the Commodity Exchange, pleaded guilty in Manhattan federal court to conspiracy and commodities fraud charges. Federbush, who is also president of CEF & Co., a member of the Comex, admitted that he conspired to enrich himself and his co-conspirators by stealing trading profits from customers. He also confessed to transferring trading losses and unfavorable market risks to customers. Federbush, once a major trader on the Comex, is scheduled to be sentenced March 19, 1992, and faces up to 10 years in prison and fines of up to $500,000.