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<SEC-DOCUMENT>0001089355-03-000416.txt : 20030919
<SEC-HEADER>0001089355-03-000416.hdr.sgml : 20030919
<ACCEPTANCE-DATETIME>20030919150032
ACCESSION NUMBER:		0001089355-03-000416
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030918
ITEM INFORMATION:		Other events
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20030919

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SIEBERT FINANCIAL CORP
		CENTRAL INDEX KEY:			0000065596
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				111796714
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05703
		FILM NUMBER:		03902556

	BUSINESS ADDRESS:	
		STREET 1:		885 THIRD AVENUE
		STREET 2:		SUITE 1720
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2126442400

	MAIL ADDRESS:	
		STREET 1:		885 THIRD AVENUE
		STREET 2:		SUITE 1720
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MICHAELS J INC
		DATE OF NAME CHANGE:	19950221
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>siebert8k91803-8368.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>

<HTML>
<HEAD>
<TITLE>Current Report on Form 8-K</TITLE>

</HEAD>
<BODY>
<DIV
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 9pt double; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none">
<P
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P></DIV>
<P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"
align=center><B><FONT style="FONT-WEIGHT: bold; FONT-SIZE: 18pt"
face="Times New Roman" size=5>UNITED STATES SECURITIES AND<BR>EXCHANGE
COMMISSION</FONT></B><B><FONT style="FONT-WEIGHT: bold"><BR>Washington, D.C.
20549</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<DIV style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>
<HR align=center width="25%" color=black noShade SIZE=1>
</FONT></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 18pt" face="Times New Roman" size=5>FORM
8-K</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 12pt" face="Times New Roman" size=3>Current
Report</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 12pt" face="Times New Roman"
size=3>Pursuant to Section&nbsp;13 or 15(d) of the Exchange Securities Act of
1934</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<DIV style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>
<HR align=center width="25%" color=black noShade SIZE=1>
</FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"
align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Date of
Report (Date of earliest event reported):</FONT><BR><B><FONT
style="FONT-WEIGHT: bold">September 18, 2003</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<DIV style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>
<HR align=center width="25%" color=black noShade SIZE=1>
</FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>

<P style="margin-top:0pt; margin-bottom:16pt; font-family:Times New Roman; font-size:16pt" align=center><BR></P>
<P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"
align=center><u><FONT style="FONT-WEIGHT: bold; FONT-SIZE: 18pt"
face="Times New Roman" size=5>SIEBERT FINANCIAL CORP.</font></u></strong></U><BR>

<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Exact Name of Registrant as Specified in its Charter)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE align="center" cellspacing=0>
  <TR>
    <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" valign=top width=237><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<strong>&nbsp;New
        York&nbsp;</strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD>
    <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" valign=top width=230><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<strong>0-5703&nbsp;</strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD>
    <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" valign=top width=271><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<strong>&nbsp;11-1796714&nbsp;</strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD>
  </TR>
  <TR>
    <TD width=237 valign=top nowrap style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt">
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(State or Other Jurisdiction</P>
      <P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp; of Incorporation)</P></TD>
    <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" valign=top width=230><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Commission</P>
      <P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>File Number)</P></TD>
    <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" valign=top width=271><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(IRS
        Employer</P>
      <P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Identification No.)</P></TD>
  </TR>
  <TR>
    <TD colspan="2" align="center" valign=top style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt">
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U><br>
        <strong>885 Third Avenue, New York, New York&nbsp;&nbsp; </strong></U></P>
      <P style="margin:0pt; text-indent:360pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
      <P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(Address of Principal Executive Offices)&nbsp;&nbsp;
      </P>
      <P style="margin-top:0pt; margin-bottom:36pt; text-indent:360pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
</TD>
    <TD align="center" valign=top style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt"><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>
        <br>
        <strong>10022</strong></u>&nbsp;&nbsp; <br>
        (Zip Code)&nbsp;&nbsp; </TD>
  </TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
</P>
<TABLE width="100%" border=0
cellPadding=0 cellSpacing=0 style="WIDTH: 100%; BORDER-COLLAPSE: collapse">

    <TR>
      <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-TOP: 0in"
    vAlign=top width="100%" colSpan=5> <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"
      align=center>&nbsp;</P></TD>
    </TR>
    <TR>
      <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-TOP: 0in"
    vAlign=top width="100%" colSpan=5> <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 12pt" face="Times New Roman"
      size=2><U>(212) 644-2400</U></FONT></B></P></TD>
    </TR>
    <TR>
      <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-TOP: 0in"
    vAlign=top width="100%" colSpan=5> <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
      style="FONT-SIZE: 12pt" face="Times New Roman" size=2>(Registrant's Telephone Number, Including Area Code)</FONT></P></TD>
    </TR>
    <TR>
      <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-TOP: 0in"
    vAlign=top width="100%" colSpan=5> <P style="FONT-SIZE: 12pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"
      align=center>&nbsp;</P></TD>
    </TR>
    <TR>
      <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-TOP: 0in"
    vAlign=top width="100%" colSpan=5> <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 12pt" face="Times New Roman"
      size=2>Not Applicable</FONT></B></P></TD>
    </TR>
    <TR>
      <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-TOP: 0in"
    vAlign=top width="100%" colSpan=5> <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
      style="FONT-SIZE: 12pt" face="Times New Roman" size=2>(Former Name or Former Address, If Changed Since Last Report)</FONT></P></TD>
    </TR>

</TABLE>
<DIV
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 9pt double">
  <P
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
  <P
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none">&nbsp;</P>
  <P
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none">&nbsp;</P>
  <P
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none">&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT></P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"><BR>
</P>
<P style="PAGE-BREAK-BEFORE: always">
<P>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center>&nbsp; </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Item 5. &nbsp;Other Events</B></P>
<P style="margin-top:12pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Muriel Siebert &amp; Co.,
  Inc., a wholly-owned subsidiary of Siebert Financial Corp., filed a lawsuit late yesterday in New York State Supreme Court against Intuit Inc. and issued
  the press release filed herewith as <a href="x99-1.htm">Exhibit 99.1</a>. The lawsuit alleges, among other things, breach of contractual obligations;
  breach of fiduciary duties; misrepresentation and/or fraud; and other claims relating to<I> Quicken&#174; Brokerage powered by Siebert</I>, a strategic
  alliance between the two companies. </P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Item 7. &nbsp;Financial Statements, Pro
  Forma Financial Information and Exhibits.</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>(c) &nbsp;Exhibits.</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">99.1</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><a href="x99-1.htm">Press
  release dated September 18, 2003</a>.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:288pt; font-family:Times New Roman; font-size:12pt"><BR>
</P>
<BR>
<BR>
<BR>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"><BR>
</P>
<HR align=left color=#000000 noShade SIZE=3>
<P style="PAGE-BREAK-BEFORE: always">
<P>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
</P>
<P style="margin-top:12pt; margin-bottom:3pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SIGNATURES</B></P>
<P style="margin-top:12pt; margin-bottom:3pt; font-family:Times New Roman; font-size:12pt" align=center><BR>
</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pursuant to the requirements
  of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
</P>
<TABLE cellspacing=0>
  <TR>
    <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" valign=top width=222>&nbsp;</TD>
    <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" valign=top width=402><P style="margin-top:0pt; margin-bottom:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">SIEBERT
        FINANCIAL CORP.</P></TD>
  </TR>
  <TR>
    <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" valign=top width=222><P style="margin-top:0pt; margin-bottom:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date:
        September 19, 2003</P></TD>
    <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" valign=top width=402><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:
        <U>/s/ Joseph Ramos</U></P>
      <P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name: Joseph Ramos</P>
      <P style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:-27pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
      <P style="margin-top:0pt; margin-bottom:18pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Financial Officer</P></TD>
  </TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:360pt; font-family:Times New Roman; font-size:12pt"><BR>
</P>
<BR>
<BR>
<BR>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"><BR>
</P>
<HR align=left color=#000000 noShade SIZE=3>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>x99-1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<html>
<head>
<title>Exhibit 99.1 - Press Release</title>

</head>

<body>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>Exhibit 99.1</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=right><BR>
</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>CONTACT:</B> <BR>
  Terri Cohen or Marcia Horowitz <BR>
  Rubenstein Associates <BR>
  212-843-8018 or 212-843-8014 </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B><U>FOR IMMEDIATE RELEASE</U></B> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR>
</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>MURIEL SIEBERT &amp; CO. FILES BREACH OF CONTRACT LAWSUIT
  AGAINST INTUIT</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR>
</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>NEW YORK, September 18, 2003</B> -- Muriel Siebert &amp; Co, Inc.
  (&quot;Siebert &amp; Co.&quot;), a wholly owned subsidiary of Siebert Financial Corp. (NASDAQ: SIEB), filed a lawsuit late yesterday in New York State
  Supreme Court against Intuit Inc. (NASDAQ: INTU). The lawsuit alleges, among other things, breach of contractual obligations; breach of fiduciary duties;
  misrepresentation and/or fraud; and other claims relating to<I> Quicken&#174; Brokerage powered by Siebert</I> (&quot;<I>Quicken Brokerage</I>&quot;),
  a strategic alliance between the two companies. Siebert &amp; Co. is seeking not less than $11.1 million in compensatory damages and $33.3 million in
  punitive damages.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Quicken Brokerage</I> was a product resulting
  from a strategic alliance agreement entered into by Siebert &amp; Co. and Intuit on April 29, 2002. The agreement was, in effect, a co-brokerage agreement
  between the two companies. Intuit was to provide certain Web resources and target its &quot;unique and financially-sophisticated customer base&quot; of
  15 million customers for the promotion of brokerage services, with Siebert &amp; Co. acting as broker-dealer to the mutual benefit of both.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&quot;Intuit approached Siebert &amp; Co. because
  Intuit had planned to enter into the brokerage industry in a meaningful way,&quot; said Dean Yuzek, partner in the firm Ingram Yuzek Gainen Carroll &amp;
  Bertolotti, LLP, which filed the complaint on behalf of the brokerage company. According to the complaint, Intuit moved away from that strategy to focus
  on small business and tax. Siebert &amp; Co. also alleges that, because of Intuit's lack of commitment to the agreement into which it had entered, the
  alliance was a complete failure, costing Siebert &amp; Co. millions of dollars. </P>
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</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">According to the complaint, shortly after the launch
  of<I> Quicken Brokerage</I> in September 2002, Intuit &quot;unilaterally changed the original Business Model projections downward&quot; and allegedly
  failed to properly market the joint brokerage product in accordance with the strategic alliance agreement. </P>
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</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The lawsuit also alleges that Intuit entered into
  the agreement with Siebert &amp; Co. with &quot;gross negligence and in reckless disregard&quot; of alleged restrictions in other agreements to which
  Intuit is a party. The complaint alleges that after Intuit induced the brokerage company to enter into the strategic alliance for<I> Quicken Brokerage</I>,
  Intuit soon realized that it was jeopardizing its profitable relationships with Schwab, Fidelity and other of Siebert &amp; Co.'s competitors. Siebert
  &amp; Co. alleges that while Intuit remained a party to the strategic alliance agreement, it failed to properly support the alliance or to undertake the
  &quot;commercially reasonable efforts&quot; to which it had committed for the purpose of promoting<I> Quicken Brokerage</I>.</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&quot;Going through the motions and appearing to
  support the strategic alliance was an inconsequential investment for a billion dollar company like Intuit,&quot; said Yuzek. According to the complaint
  filed by Yuzek for Siebert &amp; Co., Intuit - in bad faith - &quot;permitted the strategic alliance to founder and die,&quot; and did so &quot;without
  regard for the consequences to Siebert &amp; Co.&quot; </P>
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</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Siebert Financial Corp. (NASDAQ: SIEB) is a holding
  company which conducts all its operations through its wholly- owned subsidiary, Muriel Siebert &amp; Co., Inc. (&quot;Siebert&quot;). A member of the
  New York Stock Exchange, Siebert was one of the first stock brokerage firms in the U.S. to adopt a discounted commission schedule on May 1, 1975, when
  discounting was first permitted.</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Siebert conducts its municipal investment banking
  activities through Siebert, Brandford, Shank &amp; Co., LLC, its 49 percent-owned affiliate specializing in municipal and financial advisory services.</P>
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</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Siebert is based in New York City with additional
  retail branches in Jersey City, Beverly Hills, and Boca Raton, Naples, Palm Beach and Surfside, FL. In addition, Siebert, Brandford, Shank &amp; Co. has
  offices in New York City, San Francisco, Los Angeles, Seattle, Houston, Chicago, Detroit, Miami, Washington D.C. and Dallas.</P>
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