The deal was tentative, subject to approval by all state securities commissioners at a meeting this spring.

"This is sophisticated advertising," said Phil Feigin, securities commissioner in Colorado.

Wayne Klein, Idaho's securities commissioner, indicated that there was strong reason to believe such a manipulation had occurred.

And the securities commissioner wrote her back and said it's not against the law.

"Frankly, we're prevented from enforcing the Federal mandate until our own bill passes," said Blake Campbell, an assistant securities commissioner.

During the 1970's, her father, a former securities commissioner for the State of Maryland, opened a sports agency in Baltimore.

Governor Clinton then appointed a new securities commissioner, who had been a lawyer in the firm representing Madison Guaranty.

Even though the jurisdiction is not clear, Ms. Crawford and securities commissioners in several states are investigating these complaints.

Arkansas regulators received the Federal report later that year, and under state law the securities commissioner was supposed to close any insolvent institution.

As the Governor is free to do at any time, Mr. Clinton appointed a new securities commissioner in January 1985.