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<SEC-DOCUMENT>0001089355-04-000127.txt : 20040429
<SEC-HEADER>0001089355-04-000127.hdr.sgml : 20040429
<ACCEPTANCE-DATETIME>20040429115808
ACCESSION NUMBER:		0001089355-04-000127
CONFORMED SUBMISSION TYPE:	10-K/A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040429

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:		10-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05703
		FILM NUMBER:		04763363

	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>10-K/A
<SEQUENCE>1
<FILENAME>a8522_10ka.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>
<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD align="center"><HR size="5" noshade style="margin-top: -2px"> <HR size="1" noshade style="margin-top: -10px">
    </TD>
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<P align=center><FONT face="Times New Roman, Times, Serif" size=2><strong>SECURITIES
  AND EXCHANGE COMMISSION<br>
  Washington, D.C. 20549</strong></FONT></P>
<p align="center"><strong><FONT face="Times New Roman, Times, Serif" size=2>Form
  10-K</FONT><font size="2" face="Times New Roman, Times, serif"> /A</font></strong></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td><FONT face="Times New Roman, Times, Serif" size=2>Annual Report Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal
      year ended December 31, 2003</FONT></td>
  </tr>
</table>

<p align="center"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;Commission
  File Number 0-5703</FONT><br>
</p>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2> <font size="5"><strong>SIEBERT
  FINANCIAL CORP.</strong></font><br>
  (Exact name of Registrant as specified in its charter)</FONT></P>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr align="center">
    <td width="50%"><FONT face="Times New Roman, Times, Serif" size=2>New York&nbsp;&nbsp;</FONT></td>
    <td width="50%"><FONT face="Times New Roman, Times, Serif" size=2>11-1796714</FONT></td>
  </tr>
  <tr align="center">
    <td><FONT face="Times New Roman, Times, Serif" size=2>(State or other jurisdiction
      of&nbsp;&nbsp;</FONT></td>
    <td><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;(I.R.S.
      Employer</FONT></td>
  </tr>
  <tr align="center">
    <td><FONT face="Times New Roman, Times, Serif" size=2>incorporation or organization)&nbsp;&nbsp;</FONT></td>
    <td><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Identification
      Number)</FONT></td>
  </tr>
  <tr align="center">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center">
    <td><FONT face="Times New Roman, Times, Serif" size=2>885 Third Avenue, New
      York, New York&nbsp;</FONT></td>
    <td><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;10022</FONT></td>
  </tr>
  <tr align="center">
    <td><FONT face="Times New Roman, Times, Serif" size=2>(Address of principal
      executive offices)&nbsp;&nbsp;</FONT></td>
    <td><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;(Zip Code)</FONT></td>
  </tr>
</table>
<p align="center"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;Registrant&#146;s
  telephone number, including area code: (212) 644-2400</FONT></p>
<P style="TEXT-ALIGN: center; margin-bottom: 2.9pt;" align=center><B><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;</FONT></B><FONT face="Times New Roman, Times, Serif" size=2>Securities
  registered pursuant to Section 12(b) of the Act:</FONT><font size="2" face="Times New Roman, Times, serif"><B><br>
  </B>None<br>
  </font><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;(Title of class)</FONT></P>
<P style="TEXT-ALIGN: center; margin-bottom: 2.9pt;" align=center><FONT face="Times New Roman, Times, Serif" size=2>Securities
  registered pursuant to Section 12(g) of the Act:<br>
  Common Stock, par value $.01 per share<br>
  &nbsp;&nbsp;(Title of each class)
  </FONT></P> <br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="93%" align="left" valign="top"><FONT face="Times New Roman, Times, Serif" size=2>Indicate
      by check mark whether the Registrant (1) has filed all reports required
      to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
      during the preceding 12 months (or for such shorter period that the Registrant
      was required to file such reports), and (2) has been subject to such filing
      requirements for the past 90 days.</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">YES
      <font size="3" face="Wingdings">x</font></font><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><font size="2" face="Times New Roman, Times, serif">NO&nbsp;<font size="3" face="Wingdings">o</font></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><FONT face="Times New Roman, Times, Serif" size=2>Indicate
      by check mark if disclosure of delinquent filers pursuant to Item 405 of
      Regulation S-K is not contained herein, and will not be contained, to the
      best of Registrant&#146;s knowledge, in definitive proxy or information
      statements incorporated by reference in Part III of this Form 10-K or any
      amendment to this Form 10-K.&nbsp;</FONT><font size="2" face="Times New Roman, Times, serif"><font size="3" face="Wingdings">o</font></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><FONT face="Times New Roman, Times, Serif" size=2>Indicate
      by check mark whether the Registrant is an accelerated filer (as defined
      in Rule 12b-2 of the Act). Yes</FONT><font size="2" face="Times New Roman, Times, serif">&nbsp;<font size="3" face="Wingdings">o</font></font><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;No</FONT><font size="2" face="Times New Roman, Times, serif">
      <font size="3" face="Wingdings">x</font></font><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;</FONT></td>
  </tr>
</table>

<P align=left><FONT face="Times New Roman, Times, Serif" size=2>The number of
  shares of the Registrant&#146;s outstanding Common Stock, as of March 12, 2004,
  was 22,224,301 shares. The aggregate market value of the Common Stock held by
  non-affiliates of the registrant (based upon the last sale price of the Common
  Stock reported on the Nasdaq Stock Market as of the last business day of the
  registrant&#146;s most recently completed second fiscal quarter (June 30, 2003),
  was $11,239,684. </FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>
  <B>Documents incorporated by reference:</B>
  None.</FONT></P><BR>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>
<B>EXPLANATORY NOTE</B></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Annual Report on Form 10-K/A has been filed by the Registrant to amend the Annual Report on Form 10-K filed by the Registrant on March 30, 2004 to include the information required to be disclosed by Items
10-14 of Part III of Form 10-K.</FONT></P>

<TABLE cellSpacing="0" cellPadding="0" width="100%" border="0">
  <TR>
    <TD> <HR size="1" noshade style="margin-top: -2px"> <HR size="5" noshade style="margin-top: -10px"></TD>
  </TR>
</TABLE>
<P style='Page-break-before:always'>

<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>PART III</B></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2><B><FONT face="Times New Roman" color=black size=2>ITEM
  10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT</FONT></B></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2><B>Executive Officers and Directors</B></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2><B><FONT face="Times New Roman" color=black size=2><FONT style="FONT-WEIGHT: bold">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></B> <FONT face="Times New Roman" color=black size=2>Our executive officers and directors, their ages, the year in which each director first became a director
and their principal occupations or employment during the past five years are:</FONT></FONT></P>
<TABLE width="100%" border="0" cellPadding="0" cellSpacing="0">
  <TR>
    <TD width=15% vAlign=top><B><FONT face="Times New Roman" size=2>Name and
      Age</FONT></B></TD>
    <TD width=3% vAlign=top>&nbsp;</TD>
    <TD width=12% align="center" vAlign=top> <B><FONT face="Times New Roman" size=2>Title</FONT></B></TD>
    <TD width=6% vAlign=top>&nbsp;</TD>
    <TD width="64%" vAlign=top> <B><FONT face="Times New Roman" size=2>Principal
      Occupation During the Past Five Years</FONT></B></TD>
  </TR>
  <TR>
    <TD vAlign=top><HR align="left" width="100" SIZE=1 noShade></TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD align="center" vAlign=top>
<HR align="center" width="50" SIZE=1 noShade></TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top><HR align="left" width="300" SIZE=1 noShade></TD>
  </TR>
  <TR align="left">
    <TD vAlign=top> <B><FONT face="Times New Roman" size=2>MURIEL F. SIEBERT</FONT></B>
      <FONT face="Times New Roman" size=2><BR>
      Age 71</FONT></TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>Chairwoman, President,
      <br>
      Chief Executive Officer <br>
      and Director</FONT></TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>Muriel Siebert has been
      Chairwoman, President, Chief Executive Officer and a director of Muriel
      Siebert &amp; Co., Inc. since 1967 and of Siebert Financial Corp. since
      November 8, 1996. The first woman member of the New York Stock Exchange
      on December 28, 1967, Ms. Siebert served as Superintendent of Banks of the
      State of New York from 1977 to 1982. She is a director of the New York State
      Business Council, and the Greater New York Council of the Boy Scouts of
      America. Ms. Siebert serves on the New York State Commission on Judicial
      Nomination, which is involved in the selection of Associate Judges for the
      Court of Appeals, and is on the executive committee of the Economic Club
      of New York. </FONT></TD>
  </TR>
  <TR align="left">
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
  </TR>
  <TR align="left">
    <TD vAlign=top> <B><FONT face="Times New Roman" size=2>NICHOLAS P. DERMIGNY</FONT></B>
      <FONT face="Times New Roman" size=2><BR>
      Age 46</FONT></TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>Executive Vice President,<br>
      Chief Operating Officer <br>
      and Director</FONT></TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>Nicholas Dermigny has
      been our Executive Vice President and Chief Operating Officer since joining
      us in 1989. Prior to 1993, he was responsible for our retail discount division.
      Mr. Dermigny became an officer and director on November 8, 1996. </FONT></TD>
  </TR>
</TABLE>
<P align="center"><font size="2" face="Times New Roman, Times, serif">2</font>
</P>
<hr noshade size=5>
<P style='Page-break-before:always'>
<TABLE cellSpacing="0" cellPadding="0" border="0">
  <TR align="left">
    <TD width=15% vAlign=top> <B><FONT face="Times New Roman" size=2>AMEEN ESMAIL</FONT></B>
      <FONT face="Times New Roman" size=2><br>
      Age 46</FONT></TD>
    <TD width=3% vAlign=top>&nbsp;</TD>
    <TD width=15% vAlign=top> <FONT face="Times New Roman" size=2>Executive Vice
      President<br>
      and Director of Business<br>
      Development</FONT></TD>
    <TD width=3% vAlign=top>&nbsp;</TD>
    <TD width=64% vAlign=top> <FONT face="Times New Roman" color=black size=2>Ameen
      Esmail has been our Executive Vice President and Director of Business Development
      since July 3, 2003. From 1984 to 1996, Mr. Esmail served as our Executive
      Vice President. From 1996 to 2003 Mr. Esmail worked as an independent consultant
      servicing the financial securities industry. Mr. Esmail received an MBA
      from New York University&#146;s Stern&#146;s Graduate School of Business
      in 2000.</FONT></TD>
  </TR>
  <TR align="left">
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
  </TR>
  <TR align="left">
    <TD vAlign=top> <B><FONT face="Times New Roman" size=2>JOSEPH M. RAMOS, JR.</FONT></B>
      <FONT face="Times New Roman" size=2><br>
      Age 45</FONT></TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>Executive Vice President
      <br>
      and Chief Financial Officer</FONT></TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>Joseph M. Ramos, Jr. has
      been our Executive Vice President, Chief Financial Officer and Assistant
      Secretary since February 10, 2003. From May 1999 to February 2002, Mr. Ramos
      served as Chief Financial Officer of A.B. Watley Group, Inc. From November
      1996 to May 1999, Mr. Ramos served as Chief Financial Officer of Nikko Securities
      International, Inc. From September 1987 to March 1996, Mr. Ramos worked
      at Cantor Fitzgerald and held various accounting and management positions,
      the last as Chief Financial Officer of their registered broker-dealer based
      in Los Angeles. From October 1982 to September 1987, Mr. Ramos was an audit
      manager for Deloitte &amp; Touche LLP, a public accounting firm. Mr. Ramos
      is a Certified Public Accountant licensed in the State of New York. </FONT></TD>
  </TR>
  <TR align="left">
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
  </TR>
  <TR align="left">
    <TD vAlign=top> <B><FONT face="Times New Roman" size=2>DANIEL IESU</FONT></B>
      <FONT face="Times New Roman" size=2><br>
      Age 44</FONT></TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>Secretary</FONT></TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top> <FONT face="Times New Roman" color=black size=2>Daniel Iesu
      has been Secretary of Muriel Siebert &amp; Co., Inc. since October 1996
      and our Secretary since November 8, 1996. Mr. Iesu has been Controller of
      Muriel Siebert &amp; Co., Inc. since 1989.</FONT></TD>
  </TR>
  <TR align="left">
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
  </TR>
  <TR align="left">
    <TD vAlign=top> <B><FONT face="Times New Roman" size=2>PATRICIA L. FRANCY</FONT></B><FONT face="Times New Roman" size=2><BR>
      Age 58</FONT></TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>Patricia Francy is Treasurer,
      Controller (retired) and Special Advisor for Alumni Relations of Columbia
      University. She previously served as the University&#146;s Director of Finance
      and Director of Budget Operations and has been associated with the University
      since 1968. Ms. Francy became a director on March 11, 1997. Ms. Francy is
      also a director of priceline.com Incorporated, Old Westbury Funds, Inc.
      and Bessemer Funds Trust. </FONT></TD>
  </TR>
  <TR align="left">
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
  </TR>
  <TR align="left">
    <TD vAlign=top> <B><FONT face="Times New Roman" size=2>LEONARD M. LEIMAN</FONT></B><FONT face="Times New Roman" size=2>&nbsp;<BR>
      Age 72</FONT></TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>Leonard Leiman is of counsel
      to the law firm of Fulbright &amp; Jaworski L.L.P., New York, New York.
      Fulbright &amp; Jaworski L.L.P. provides legal services to us. Prior to
      becoming of counsel in 2002, Mr. Leiman was a partner in Fulbright &amp;
      Jaworski L.L.P. for more than the preceding five years. Mr. Leiman became
      a director on May 2, 2002. </FONT></TD>
  </TR>
</TABLE>
<P align="center"><font size="2" face="Times New Roman, Times, serif">3</font>
</P>
<hr noshade size=5>
<P style='Page-break-before:always'>
<TABLE width="100%" border="0" cellPadding="0" cellSpacing="0">
  <TR align="left">
    <TD width=15% vAlign=top> <B><FONT face="Times New Roman" size=2>JANE H. MACON<BR>
      </FONT></B><FONT face="Times New Roman" size=2>Age 57</FONT></TD>
    <TD width=3% vAlign=top>&nbsp;</TD>
    <TD width=15% vAlign=top> <FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD width=3% vAlign=top>&nbsp;</TD>
    <TD width=64% vAlign=top> <FONT face="Times New Roman" size=2>Jane Macon is
      a partner with the law firm of Fulbright &amp; Jaworski L.L.P., San Antonio,
      Texas. Fulbright &amp; Jaworski L.L.P. provides legal services to us. Ms.
      Macon became a director on November 8, 1996. </FONT></TD>
  </TR>
  <TR align="left">
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
  </TR>
  <TR align="left">
    <TD vAlign=top> <B><FONT face="Times New Roman" size=2>ROBERT P. MAZZARELLA</FONT></B>
      <FONT face="Times New Roman" size=2><br>
      Age 57</FONT></TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>Robert Mazzarella retired
      from Fidelity Investments Brokerage Services LLC in January 2002, at which
      time he served as its president. Mr. Mazzarella now acts as a consultant
      to a number of major financial services firms and venture capital firms.
      Mr. Mazzarella became a director on March 1, 2004.</FONT></TD>
  </TR>
  <TR align="left">
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
  </TR>
  <TR align="left">
    <TD vAlign=top><B><FONT face="Times New Roman" size=2>NANCY S. PETERSON</FONT></B><FONT face="Times New Roman" size=2><BR>
      Age 70</FONT></TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>Nancy Peterson is the
      President, Chairwoman and Chief Executive Officer of Peterson Tool Company,
      Inc. Ms. Peterson became a director on June 4, 2001.</FONT></TD>
  </TR>
  <TR align="left">
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
  </TR>
</TABLE>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2><B>Audit Committee and Audit Committee Financial Expert</B></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee of our Board of Directors currently consists of Ms. Macon, Ms. Peterson and Ms. Francy,
Chairwoman and Mr. Mazzarella. The Board of Directors has determined that Ms. Peterson, Ms. Francy
and Mr. Mazzarella are &#147;independent&#148; within the meaning of Rule 4200(a)(15) of the Nasdaq
Stock Market and within the meaning of the applicable rules and regulations of the Securities and
Exchange Commission and they will be the members of the Audit Committee following the 2004 Annual
Shareholders Meeting. The Board of Directors has determined that Mr. Mazzarella qualifies as an &#147;audit
committee financial expert&#148; under applicable rules of the Securities and Exchange Commission.
The Audit Committee held five meetings during 2003.</FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2><B>Section 16(a) Beneficial Ownership Reporting Compliance</B></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
16(a) of the Exchange Act requires our executive officers and directors and persons who beneficially
own more than 10% of our common stock to file initial reports of ownership and reports of changes
in ownership with the Securities and Exchange Commission. These executive officers, directors and
shareholders are required by the Securities and Exchange Commission to furnish us with copies of
all Section 16(a) forms they file.</FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
  solely upon a review of the copies of the forms furnished to us, we believe
  that during fiscal 2003 all Section 16(a) filing requirements applicable to
  our executive officers, directors and greater than 10% beneficial owners were
  complied with on a timely basis except that Mr. Esmail failed to timely file
  a Form 3.</FONT></P>
<P align="center"><font size="2" face="Times New Roman, Times, serif">4</font>
</P>
<hr noshade size=5>
<P style='Page-break-before:always'>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2><B>Code of Ethics</b></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
  have adopted a Code of Ethics for Senior Financial Officers applicable to our
  chief executive officer, chief financial officer, treasurer, controller, principal
  accounting officer, and any of our other employees performing similar functions.
  A copy of the Code of Ethics for Senior Financial Officers is available on our
  website at www.siebertnet.com.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>ITEM 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  EXECUTIVE COMPENSATION</FONT></B></P>
<TABLE cellSpacing="0" cellPadding="0" border="0">
  <TR>
    <TD width=14% vAlign=top><B><FONT face="Times New Roman" size=2>Compensation
      of<br>
      Directors:</FONT></B></TD>
    <TD width=2% vAlign=top>&nbsp;</TD>
    <TD width=84% vAlign=top> <FONT face="Times New Roman" size=2>During 2003,
      our non-employee directors received compensation for service on our Board
      of $20,000. We do not compensate our employees or employees of our subsidiaries
      for service as directors. The chairs of the Board&#146;s Audit and Compensation
      Committees each receive an additional annual fee of $5,000 and the members
      of the Board&#146;s Executive Committee each receive an additional annual
      fee of $5,000. Directors&#146; fees are paid quarterly. The members of the
      Executive Committee are Ms. Siebert, Ms. Francy and Ms. Macon.</FONT></TD>
  </TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top><B><FONT face="Times New Roman" size=2>Executive <br>
      Compensation:</FONT></B></TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top><FONT face="Times New Roman" size=2>The following table shows,
      for each of the last three fiscal years, the annual compensation paid to
      or earned by (1) our chief executive officer, and (2) each of the four most
      highly compensated individuals who were serving as our executive officers
      at December 31, 2003. </FONT></TD>
  </TR>
</TABLE>
<P align="center"><font size="2" face="Times New Roman, Times, serif">5</font>
</P>
<hr noshade size=5>
<P style='Page-break-before:always'>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><strong>Summary
  Compensation Table</strong></FONT></P>
<TABLE width="1000" border="0" cellPadding="0" cellSpacing="0">
  <TR>
    <TD align="center" vAlign=bottom>&nbsp;</TD>
    <TD align="center" vAlign=bottom>&nbsp;</TD>
    <TD colspan="7" align="center" vAlign=bottom><B><FONT face="Times New Roman, Times, serif" size=1>Annual
      Compensation</FONT></B></TD>
    <TD align="center" vAlign=bottom>&nbsp;</TD>
    <TD colspan="5" align="center" vAlign=bottom><font size="1" face="Times New Roman, Times, serif"><strong>Long-Term
      Compensation</strong></font></TD>
    <TD align="center" vAlign=bottom>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center" vAlign=bottom>&nbsp;</TD>
    <TD align="center" vAlign=bottom>&nbsp;</TD>
    <TD colspan="7" align="center" vAlign=bottom><hr size="1" noshade></TD>
    <TD align="center" vAlign=bottom>&nbsp;</TD>
    <TD colspan="5" align="center" vAlign=bottom><hr size="1" noshade></TD>
    <TD align="center" vAlign=bottom>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" vAlign=bottom> <P><font size="1" face="Times New Roman, Times, serif"><B>Name
        and Principal Position</B></font></P></TD>
    <TD width=2% align="center" vAlign=bottom><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width=8% align="center" vAlign=bottom> <P><font size="1" face="Times New Roman, Times, serif"><B>Year</B></font></P></TD>
    <TD width=3% align="center" vAlign=bottom><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width=1% align="right" vAlign=bottom><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width=8% align="center" vAlign=bottom> <P><font size="1" face="Times New Roman, Times, serif"><B>Salary</B></font></P></TD>
    <TD width=3% align="center" vAlign=bottom><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width=1% align="right" vAlign=bottom><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width=8% align="center" vAlign=bottom> <P><font size="1" face="Times New Roman, Times, serif"><B>Bonus</B></font></P></TD>
    <TD width=2% align="center" vAlign=bottom><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width=8% align="center" vAlign=bottom> <P><font size="1" face="Times New Roman, Times, serif"><B>Securities
        <br>
        Underlying<br>
        Stock<br>
        Options<SUP>(1)</SUP></B></font></P></TD>
    <TD width=2% align="center" vAlign=bottom><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width=8% align="center" vAlign=bottom> <P><font size="1" face="Times New Roman, Times, serif"><B>Restricted<br>
        Stock Awards</B></font></P></TD>
    <TD width=2% align="center" vAlign=bottom><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width=8% align="center" vAlign=bottom> <P><font size="1" face="Times New Roman, Times, serif"><B>All
        Other<br>
        Compensation</B></font></P></TD>
    <TD width=2% align="center" vAlign=bottom>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top> <hr align="left" width="150" size="1" noshade></TD>
    <TD align="center" vAlign=top>&nbsp;</TD>
    <TD align="center" vAlign=top><hr size="1" noshade></TD>
    <TD align="right" vAlign=top>&nbsp;</TD>
    <TD align="right" vAlign=top>&nbsp;</TD>
    <TD align="right" vAlign=top><hr size="1" noshade></TD>
    <TD align="right" vAlign=top>&nbsp;</TD>
    <TD align="right" vAlign=top>&nbsp;</TD>
    <TD align="right" vAlign=top><hr size="1" noshade></TD>
    <TD align="right" vAlign=top>&nbsp;</TD>
    <TD align="right" vAlign=top><hr size="1" noshade></TD>
    <TD align="right" vAlign=top>&nbsp;</TD>
    <TD align="right" vAlign=top><hr size="1" noshade></TD>
    <TD align="right" vAlign=top>&nbsp;</TD>
    <TD align="right" vAlign=top><hr size="1" noshade></TD>
    <TD align="right" vAlign=top>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT face="Times New Roman" size=2>Muriel F. Siebert<br>
      </FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"> <P><FONT face="Times New Roman" size=2>2003</FONT></P></TD>
    <TD width=3% align="right">&nbsp;</TD>
    <TD align="right"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>150,000</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;Chairwoman
      and </FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"> <P><FONT face="Times New Roman" size=2>2002 </FONT></P></TD>
    <TD width=3% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>150,000</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>750,000</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;President</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"> <P><FONT face="Times New Roman" size=2>2001</FONT></P></TD>
    <TD width=3% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>150,000</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT face="Times New Roman" size=2>&nbsp; </FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT face="Times New Roman" size=2>Nicholas P. Dermigny </FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"> <P><FONT face="Times New Roman" size=2>2003</FONT></P></TD>
    <TD width=3% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>285,000</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>100,000</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;Executive
      Vice </FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"> <P><FONT face="Times New Roman" size=2>2002 </FONT></P></TD>
    <TD width=3% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>243,000</FONT></P></TD>
    <TD width=2% align="left"><FONT face="Times New Roman" size=2><SUP>(2)</SUP></FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>100,000</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>100,000</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;President
      and </FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"> <P><FONT face="Times New Roman" size=2>2001</FONT></P></TD>
    <TD width=3% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>185,000</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>145,000</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;Chief Operating
      </FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp; Officer</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD> <P><FONT face="Times New Roman" size=2>Ameen Esmail</FONT><FONT face="Times New Roman" size=2><br>
        </FONT></P></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"> <P><FONT face="Times New Roman" size=2>2003</FONT></P></TD>
    <TD width=3% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>92,500</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>30,000</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>25,000</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;Executive
      Vice </FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"> <P><FONT face="Times New Roman" size=2>2002</FONT></P></TD>
    <TD width=3% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;President
      and</font></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"> <P><FONT face="Times New Roman" size=2>2001</FONT></P></TD>
    <TD width=3% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;Director of
      Business </FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;Development<sup>(3)</sup></font></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT face="Times New Roman" size=2>Joseph M. Ramos, Jr.<br>
      </FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"> <P><FONT face="Times New Roman" size=2>2003</FONT></P></TD>
    <TD width=3% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>125,000</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>25,000</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;Executive
      Vice</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"> <P><FONT face="Times New Roman" size=2>2002</FONT></P></TD>
    <TD width=3% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;President
      and Chief </FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"> <P><FONT face="Times New Roman" size=2>2001</FONT></P></TD>
    <TD width=3% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD> <P><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;Financial
        Officer<SUP>(4)</SUP></FONT></P></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT face="Times New Roman" size=2>Daniel Iesu</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"> <P><FONT face="Times New Roman" size=2>2003</FONT></P></TD>
    <TD width=3% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>70,000</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>75,000</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;Secretary</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"> <P><FONT face="Times New Roman" size=2>2002 </FONT></P></TD>
    <TD width=3% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>70,000</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>70,000</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"> <P><FONT face="Times New Roman" size=2>2001</FONT></P></TD>
    <TD width=3% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>70,000</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>90,000</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>40,000</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD align="right"> <P><FONT face="Times New Roman" size=2>&#151;</FONT></P></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<TABLE  cellSpacing="0" cellPadding="0" width="100%" border="0">
  <TR>
    <TD colspan="2" vAlign=top><HR align="left" width="110" SIZE=1 noShade></TD>
  </TR>
  <TR>
    <TD width="5%" vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(1)</FONT></TD>
    <TD width="95%" vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>
      Consists of grants of options to purchase shares of our common stock.</FONT></TD>
  </TR>
  <TR>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(2)&nbsp;</FONT></TD>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>Mr. Dermigny&#146;s
      salary increased to $285,000 on June 1, 2002.</FONT></TD>
  </TR>
  <TR>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(3) </FONT></TD>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>Mr. Esmail
      joined the Company as its Executive Vice President and Director of Business
      Development in July 2003.</FONT></TD>
  </TR>
  <TR>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(4) </FONT></TD>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>Mr. Ramos
      joined the Company as its Executive Vice President and Chief Financial Officer
      in February 2003.</FONT></TD>
  </TR>
</TABLE>
<P align="center"><font size="2" face="Times New Roman, Times, serif">6</font>
</P>
<hr noshade size=5>
<P style='Page-break-before:always'>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  following table sets forth information on grants of options to purchase shares
  of our common stock in the fiscal year ended December 31, 2003 to Ameen Esmail.
  No option grants were made to the other persons listed in the Summary Compensation
  Table. </FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>Option Grants in Last Fiscal Year</B></FONT></P>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=1000>
  <TR align="center" VALIGN=Bottom>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="4" rowspan="2"><FONT face="Times New Roman" size=2><B><FONT size="1" face="Times New Roman, Times, serif" style="FONT-WEIGHT: bold">Potential
      Realizable Value<br>
      at Assumed Annual Rates<br>
      of Stock Price <br>
      Appreciation for Option <br>
      Term<SUP>(1)</SUP></FONT></B></FONT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font><font size="1" face="Times New Roman, Times, serif">&nbsp;</font><font size="1" face="Times New Roman, Times, serif">&nbsp;</font>
      <HR align="left" width="100%" SIZE=1 noShade></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR align="center" VALIGN=Bottom>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT face="Times New Roman" size=2><B></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><font face="Times New Roman" size=2><b><font size="1" face="Times New Roman, Times, serif" style="FONT-WEIGHT: bold">%
      of Total</font></b></font><font face="Times New Roman" size=2><b><font size="1" face="Times New Roman, Times, serif" style="FONT-WEIGHT: bold">
      </font></b></font></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2"><font face="Times New Roman" size=2><b><font size="1" face="Times New Roman, Times, serif" style="FONT-WEIGHT: bold">Exercise</font></b></font><font face="Times New Roman" size=2><b><font size="1" face="Times New Roman, Times, serif" style="FONT-WEIGHT: bold">
      </font></b></font></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2"><FONT face="Times New Roman" size=2><B></B></FONT><FONT face="Times New Roman" size=2><B><FONT size="1" face="Times New Roman, Times, serif" style="FONT-WEIGHT: bold">Expiration<br>
      Date</FONT></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR align="center" VALIGN=Bottom>
    <TD><FONT face="Times New Roman" size=2><B><FONT size="1" face="Times New Roman, Times, serif" style="FONT-WEIGHT: bold">Name</FONT></B></FONT></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><FONT face="Times New Roman" size=2><B><FONT size="1" face="Times New Roman, Times, serif" style="FONT-WEIGHT: bold">Number
      of <br>
      Securities<br>
      Underlying<br>
      Options Granted</FONT></B></FONT></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><FONT face="Times New Roman" size=2><B><FONT size="1" face="Times New Roman, Times, serif" style="FONT-WEIGHT: bold">
      Options <br>
      Granted to<br>
      Employees in<br>
      Fiscal Year</FONT></B></FONT></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="2"><FONT face="Times New Roman" size=2><B><FONT size="1" face="Times New Roman, Times, serif" style="FONT-WEIGHT: bold">
      Price or<br>
      Base<br>
      Price Per<br>
      share</FONT></B></FONT></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="2"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font><FONT face="Times New Roman" size=2><B><FONT size="1" face="Times New Roman, Times, serif" style="FONT-WEIGHT: bold">5%</FONT></B></FONT></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="2"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font><FONT face="Times New Roman" size=2><B><FONT size="1" face="Times New Roman, Times, serif" style="FONT-WEIGHT: bold">10%</FONT></B></FONT></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><HR align="left" width="100%" SIZE=1 noShade></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><HR align="left" width="100%" SIZE=1 noShade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><HR align="left" width="100%" SIZE=1 noShade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><HR align="left" width="100%" SIZE=1 noShade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><HR align="left" width="100%" SIZE=1 noShade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><HR align="left" width="100%" SIZE=1 noShade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><HR align="left" width="100%" SIZE=1 noShade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ameen Esmail
      (2)</FONT></TD>
    <TD WIDTH=2% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=13% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,000</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=2% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50</FONT></TD>
    <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      5.06</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=2% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=8% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7/3/13</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD WIDTH=7% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      79,500</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD WIDTH=6% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      201,500</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border="0" cellPadding="0"  cellSpacing="0">
  <TR>
    <TD vAlign=top><HR align="left" width="110" SIZE=1 noShade></TD>
  </TR>
  <TR>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts
      reflected in these columns represent hypothetical values that may be realized
      upon exercise of the options immediately prior to the expiration of their
      term, assuming the specified annually compounded rates of appreciation of
      our common stock over the term of the options. These numbers are calculated
      based on rules adopted by the Securities and Exchange Commission. Actual
      gains, if any, on stock option exercises and common stock holdings are dependent
      on the timing of such exercise and the future performance of our common
      stock.</FONT></TD>
  </TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.
      Esmail&#146;s option was granted on July 3, 2003 and will vest as to 5,000
      shares on each anniversary of the grant date.</FONT></TD>
  </TR>
</TABLE>

<P align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  following table sets forth information concerning exercises of options to purchase
  shares of our common stock and the value of unexercised options held at December
  31, 2003 by each of the persons named in the Summary Compensation Table.</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><strong>Aggregated Option Exercises in Last
  Fiscal Year and<br>
  Fiscal
  Year End Option Values</strong></FONT></P>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=1000>
  <TR VALIGN=Bottom>
    <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
    <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
    <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
    <TH COLSPAN=5 rowspan="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Number
      of Unexercised<br>
      Options<BR>
      at Year End</FONT> <hr size="1" noshade></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN=5 rowspan="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Value
      of Unexercised In-the-Money Options at<BR>
      Fiscal Year End<sup>(1)</sup></FONT> <hr size="1" noshade></TH>
    <TH>&nbsp;</TH>
  </TR>
  <TR VALIGN=Bottom>
    <TH COLSPAN=3>&nbsp;</TH>
    <TH COLSPAN=2 rowspan="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Number<br>
      of Shares<br>
      Acquired<BR>
      on<br>
      Exercise</FONT></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN=3>&nbsp;</TH>
    <TH>&nbsp;</TH>
    <TH>&nbsp;</TH>
  </TR>
  <TR VALIGN=Bottom>
    <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Name</FONT></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Value Realized</FONT></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Exercisable</FONT></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Unexercisable</FONT></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Exercisable</FONT></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Unexercisable</FONT></TH>
    <TH>&nbsp;</TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Muriel F.
      Siebert</FONT></TD>
    <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=10% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=6% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=6% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>750,000</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=6% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=6% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=6% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nicholas
      P. Dermigny</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>212,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>80,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 219,840</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ameen Esmail</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Joseph M.
      Ramos, Jr</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Daniel Iesu</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>56,800</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47,466</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border="0" cellPadding="0"  cellSpacing="0">
  <TR>
    <TD vAlign=top><HR align="left" width="110" SIZE=1 noShade></TD>
  </TR>
  <TR>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
      dollar values have been calculated by determining the difference between
      the closing price of our common stock at December 31, 2003, $3.52 per share
      and the exercise price of the option.</FONT></TD>
  </TR>
</TABLE>
<P align="center"><font size="2" face="Times New Roman, Times, serif">7</font>
</P>
<hr noshade size=5>
<P style='Page-break-before:always'>

<P align=left><FONT face="Times New Roman, Times, Serif" size=2><B>ITEM 12. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECURITY
  OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  MANAGEMENT AND RELATED STOCKHOLDER MATTERS</B></FONT></P>
<TABLE width="100%" border="0" cellPadding="0" cellSpacing="0">
  <TR>
    <TD width=13% vAlign=top> <B><FONT face="Times New Roman" size=2>Management<br>
      Ownership:</FONT></B></TD>
    <TD vAlign=top width=87%> <FONT face="Times New Roman" size=2>The following
      table lists share ownership of our common stock as of April 1, 2004. The
      information includes beneficial ownership by each of our directors, the
      persons named in the Summary Compensation Table, all directors and executive
      officers as a group and beneficial owners known by our management to hold
      at least 5% of our common stock. To our knowledge, each person named in
      the table has sole voting and investment power with respect to all shares
      of common stock shown as beneficially owned by them. Any information in
      the table on beneficial owners known by management to hold at least 5% of
      our common stock is based on information furnished to us by such persons
      or groups and statements filed with the Securities and Exchange Commission.
      </FONT></TD>
  </TR>
</TABLE>

<br>
<TABLE width="1000" border="0" cellPadding="0" cellSpacing="0">
  <TR>
    <TD vAlign=bottom> <B><FONT face="Times New Roman" size=1>Name of Beneficial
      Owner<sup>(1)</sup></FONT><font size="1"></FONT></B></TD>
    <TD width=2% align="center" vAlign=top>&nbsp;</TD>
    <TD colspan="2" align="center" vAlign=bottom> <B><FONT face="Times New Roman" size=1>Shares
      of Common Stock </FONT><font size="1"></FONT></B></TD>
    <TD width=2% align="center" vAlign=bottom>&nbsp;</TD>
    <TD width=30% align="center" vAlign=bottom> <B><FONT face="Times New Roman" size=1>Percent
      of Class</FONT><font size="1"></FONT></B></TD>
  </TR>
  <TR>
    <TD vAlign=top><hr align="left" width="130" size="1" noshade></TD>
    <TD align="right" vAlign=top>&nbsp;</TD>
    <TD colspan="2" align="right" vAlign=top><hr size="1" noshade></TD>
    <TD align="center" vAlign=top>&nbsp;</TD>
    <TD align="center" vAlign=top><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD> <FONT face="Times New Roman" size=2>Muriel F. Siebert</FONT></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD width=11% align="right"> <FONT face="Times New Roman" size=2>20,628,700</FONT></TD>
    <TD width=9%><FONT face="Times New Roman" size=2><sup>(2)</sup></FONT></TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=25% align="center"> <FONT face="Times New Roman" size=2>93.2%</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD> <FONT face="Times New Roman" size=2>Nicholas P. Dermigny</FONT></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD width=21% align="right"> <FONT face="Times New Roman" size=2>232,000</FONT></TD>
    <TD width=5%><FONT face="Times New Roman" size=2><sup>(3)</sup></FONT></TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=30% align="center"> <FONT face="Times New Roman" size=2>*</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD> <FONT face="Times New Roman" size=2>Daniel Iesu</FONT></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD width=21% align="right"> <FONT face="Times New Roman" size=2>64,800</FONT></TD>
    <TD width=5%><FONT face="Times New Roman" size=2><sup>(3)</sup></FONT></TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=30% align="center"> <FONT face="Times New Roman" size=2>*</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD> <FONT face="Times New Roman" size=2>Joseph M. Ramos, Jr.</FONT></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD width=21% align="right"> <FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=30% align="center"> <FONT face="Times New Roman" size=2>*</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD> <FONT face="Times New Roman" size=2>Ameen Esmail</FONT></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD width=21% align="right"> <FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=30% align="center"> <FONT face="Times New Roman" size=2>*</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD> <FONT face="Times New Roman" size=2>Patricia L. Francy</FONT></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD width=21% align="right"> <FONT face="Times New Roman" size=2>41,000</FONT></TD>
    <TD width=5%><FONT face="Times New Roman" size=2><sup>(4)</sup></FONT></TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=30% align="center"> <FONT face="Times New Roman" size=2>*</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD> <FONT face="Times New Roman" size=2>Jane H. Macon</FONT></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD width=21% align="right"> <FONT face="Times New Roman" size=2>41,000</FONT></TD>
    <TD width=5%><FONT face="Times New Roman" size=2><sup>(4)</sup></FONT></TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=30% align="center"> <FONT face="Times New Roman" size=2>*</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD> <FONT face="Times New Roman" size=2>Nancy S. Peterson</FONT></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD width=21% align="right"> <FONT face="Times New Roman" size=2>40,000</FONT></TD>
    <TD width=5%><FONT face="Times New Roman" size=2><sup>(3)</sup></FONT></TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=30% align="center"> <FONT face="Times New Roman" size=2>*</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD> <FONT face="Times New Roman" size=2>Leonard Leiman</FONT></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD width=21% align="right"> <FONT face="Times New Roman" size=2>42,000</FONT></TD>
    <TD width=5%><FONT face="Times New Roman" size=2><sup>(4)</sup></FONT></TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=30% align="center"> <FONT face="Times New Roman" size=2>*</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD> <FONT face="Times New Roman" size=2>Robert P. Mazzarella</FONT></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD width=21% align="right"> <FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=30% align="center"> <FONT face="Times New Roman" size=2>*</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD> <FONT face="Times New Roman" size=2>Directors and current executive officers
      as a group (10 persons)</FONT></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD width=21% align="right"> <FONT face="Times New Roman" size=2>21,089,500</FONT></TD>
    <TD width=5%><FONT face="Times New Roman" size=2><sup>(5)</sup></FONT></TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=30% align="center"> <FONT face="Times New Roman" size=2>95.3%</FONT></TD>
  </TR>
</TABLE>

<br>
<TABLE  cellSpacing="0" cellPadding="0" width="100%" border="0">
  <TR>
    <TD colspan="2" vAlign=top><HR align="left" width="110" SIZE=1 noShade></TD>
  </TR>
  <TR align="left">
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>*&nbsp;</FONT></TD>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>Less than
      1%</FONT></TD>
  </TR>
  <TR align="left">
    <TD width=5% vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(1)
      </FONT></TD>
    <TD width="95%" vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>The
      address for each person named in the table is c/o Siebert Financial Corp.,
      885 Third Avenue, New York, New York 10022.</FONT></TD>
  </TR>
  <TR align="left">
    <TD vAlign=top><font face="Times New Roman, Times, Serif" size=2>(2)</font></TD>
    <TD vAlign=top><font face="Times New Roman, Times, Serif" size=2>Includes
      an option to purchase 750,000 shares of our common stock.</font></TD>
  </TR>
  <TR align="left">
    <TD vAlign=top><font face="Times New Roman, Times, Serif" size=2>(3)</font></TD>
    <TD vAlign=top><font face="Times New Roman, Times, Serif" size=2> Represents
      options to purchase shares of our common stock.</font></TD>
  </TR>
  <TR align="left">
    <TD vAlign=top><font face="Times New Roman, Times, Serif" size=2>(4)</font></TD>
    <TD vAlign=top><font face="Times New Roman, Times, Serif" size=2> Includes
      an option to purchase 40,000 shares of our common stock.</font></TD>
  </TR>
  <TR align="left">
    <TD vAlign=top><font face="Times New Roman, Times, Serif" size=2>(5)</font></TD>
    <TD vAlign=top><font face="Times New Roman, Times, Serif" size=2>Includes
      options to purchase an aggregate of 1,208,400 shares of our common stock
      described above.</font></TD>
  </TR>

</TABLE>
<P align="center"><font size="2" face="Times New Roman, Times, serif">8</font>
</P>
<hr noshade size=5>
<P style='Page-break-before:always'>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>Equity Compensation Plan Information</B></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>The following table sets forth information as of December 31, 2003 with respect to our equity compensation
plans.</FONT></P>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=1000>
  <TR VALIGN=Bottom>
    <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Plan Category</FONT></TH>
    <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Number of securities
      to be<BR>
      issued upon exercise of<BR>
      outstanding options,<BR>
      warrants and rights</FONT></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Weighted-average<BR>
      exercise price of<BR>
      outstanding options,<BR>
      warrants and rights</FONT></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Number of
      securities<BR>
      remaining available for<BR>
      future issuance under<BR>
      equity compensation <br>
      plans (excluding<br>
      securities reflected in<br>
      column (a))</FONT></TH>
  </TR>
  <TR VALIGN=Bottom>
    <TH><HR NOSHADE SIZE=1></TH>
    <TH>&nbsp;</TH>
    <TH><HR NOSHADE SIZE=1></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN=2><HR NOSHADE SIZE=1></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN=3><HR NOSHADE SIZE=1></TH>
  </TR>
  <TR VALIGN=Bottom>
    <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
    <td COLSPAN=2 align="center" valign="top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></td>
    <td COLSPAN=3 align="center" valign="top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)</FONT></td>
    <td COLSPAN=3 align="center" valign="top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)</FONT></td>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><strong><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Equity
      compensation plans approved</FONT></strong></TD>
    <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=17% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,802,930</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD WIDTH=13% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      4.08</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,984,480</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><strong><FONT FACE="Times New Roman, Times, Serif" SIZE=2>by
      security holders<sup>(1)</sup></FONT></strong></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><strong><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Equity
      compensation plans not</FONT></strong></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,400</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,600</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><strong><FONT FACE="Times New Roman, Times, Serif" SIZE=2>approved
      by security holders<sup>(2)</sup></FONT></strong></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><strong><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TOTAL</FONT></strong></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,844,330</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 4.08</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,003,080</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border="0" cellPadding="0"  cellSpacing="0">
  <TR align="left">
    <TD vAlign=top><HR align="left" width="150" SIZE=1 noShade></TD>
  </TR>
  <TR align="left">
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Represents
      our 1997 Stock Option Plan.</FONT></TD>
  </TR>
  <TR align="left">
    <TD vAlign=top>&nbsp;</TD>
  </TR>
  <TR align="left">
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Represents
      our 1998 Restricted Stock Award Plan.</FONT></TD>
  </TR>
</TABLE>

<P><FONT face="Times New Roman, Times, Serif" size=2><B>Compensation Committee Interlocks and Insider Participation </B></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee currently consists of&nbsp;&nbsp;Ms.
Jane H. Macon (Chairwoman), Ms. Patricia L. Francy and Ms. Nancy S. Peterson. None of the members
of our Compensation Committee is or has been our officer or employee. No interlocking relationships
exist between our Board of Directors or Compensation Committee and the board of directors or compensation
committee of any other company, nor has any such interlocking relationship existed in the past. None
of our executive officers or directors serves on the board of directors or compensation committee
of any entity which has one or more executive officers serving as a member of our Board of Directors
or Compensation Committee. </FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2><B>ITEM 13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS</B></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
  have entered into a Secured Demand Note Collateral Agreement with Siebert, Brandford,
  Shank &amp; Co., LLC, or SBS, a company in which we hold a 49% ownership interest,
  under which we are obligated to lend to SBS up to $1.2 million on a subordinated
  basis. Amounts we are obligated to lend under the facility are reflected on
  our balance sheet as &#147;cash equivalents - restricted.&#148; SBS pays us
  interest on this amount at the rate of 10% per annum. The facility expires on
  August 31, 2005, at which time SBS is obligated to repay to us any amounts borrowed
  by SBS thereunder.</FONT></P>
<P align="center"><font size="2" face="Times New Roman, Times, serif">9</font>
</P>
<hr noshade size=5>
<P style='Page-break-before:always'>


<P align=left><FONT face="Times New Roman, Times, Serif" size=2><B>ITEM 14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRINCIPAL
ACCOUNTANT FEES AND SERVICES</B></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eisner
  LLP (formerly known as Richard A. Eisner &amp; Company, LLP) currently serves
  as our independent auditors. A representative of Eisner LLP will be present
  at the Annual Meeting and will have an opportunity to make a statement if he
  desires to do so, and will respond to appropriate questions from shareholders.
  </FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2><B>Audit Fees</B></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face="Times New Roman" size=2><FONT style="FONT-STYLE: italic">Audit
  Fees. &nbsp;</FONT></FONT></I> <FONT size=2>The aggregate fees billed for professional
  services rendered for the audit of our audited financial statements for the
  years ended December 31, 2003 and December 31, 2002 and reviews of the financial
  statements for the first three fiscal quarters of 2003 and 2002 were $75,000
  and $71,000, respectively. </FONT></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face="Times New Roman" size=2><FONT style="FONT-STYLE: italic">Tax
  Fees. &nbsp;</FONT></FONT></I> <FONT size=2>The aggregate fees billed by Eisner
  LLP during the years ended December 31, 2003 and December 31, 2002 for tax planning
  services totaled $25,000 and $23,000, respectively. </FONT></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eisner
  LLP did not perform any audit-related services or other services during the
  years ended December 31, 2003 or December 31, 2002. </FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
  Audit Committee has determined that the services described above that were rendered
  by Eisner LLP are compatible with the maintenance of Eisner LLP independence
  from our management. </FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2><B>Pre-Approval Policy</B></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  Audit Committee pre-approves all audit and non-audit services provided by our
  independent auditors prior to the engagement of the independent auditors with
  respect to such services. With respect to audit services and permissible non-audit
  services not previously approved, the Audit Committee has authorized the Chairwoman
  of the Audit Committee to approve such audit services and permissible non-audit
  services, provide the Chairwoman informs the Audit Committee of such approval
  at the next regularly scheduled meeting. All &#147;Audit Fees&#148; and &#147;Tax
  Fees&#148; set forth above were pre-approved by the Audit Committee in accordance
  with its pre-approval policy.</FONT></P>
<P align="center"><font size="2" face="Times New Roman, Times, serif">10</font>
</P>
<hr noshade size=5>
<P style='Page-break-before:always'>

<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>PART IV</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>ITEM 15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EXHIBITS,
FINANCIAL STATEMENTS, AND REPORTS ON FORM 8-K</B></FONT></P>
<TABLE  cellSpacing="0" cellPadding="0" width="100%" border="0">
  <TR>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Exhibits</FONT></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border="0" cellPadding="0" cellspacing="0">
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"> <FONT face="Times New Roman" size=2>2.1</FONT></TD>
    <TD width="90%"> <FONT face="Times New Roman" size=2>Plan and Agreement of
      Merger between J. Michaels, Inc. (&#147;JMI&#148;) and Muriel Siebert Capital
      Markets Group, Inc. (&#147;MSCMG&#148;), dated as of April 24, 1996 (&#147;Merger
      Agreement&#148;) (incorporated by reference to Siebert Financial Corp.&#146;s
      Form 10-K for the fiscal year ended December 31, 1996) </FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>2.2</FONT></TD>
    <TD width="88%"> <FONT face="Times New Roman" size=2>Amendment No. 1 to Merger
      Agreement, dated as of June 28, 1996 (incorporated by reference to Siebert
      Financial Corp.&#146;s Form 10-K for the fiscal year ended December 31,
      1996)</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>2.3</FONT></TD>
    <TD width="88%"> <FONT face="Times New Roman" size=2>Amendment No. 2 to Merger
      Agreement, dated as of September 30, 1996 (incorporated by reference to
      Siebert Financial Corp.&#146;s Form 10-K for the fiscal year ended December
      31, 1996)</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>2.4</FONT></TD>
    <TD width="88%"> <FONT face="Times New Roman" size=2>Amendment No. 3 to Merger
      Agreement, dated as of November 7, 1996 (incorporated by reference to Siebert
      Financial Corp.&#146;s Form 10-K for the fiscal year ended December 31,
      1996)</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>3.1</FONT></TD>
    <TD width="88%"> <FONT face="Times New Roman" size=2>Certificate of Incorporation
      of Siebert Financial Corp., formerly known as J. Michaels, Inc. originally
      filed on April 9, 1934, as amended and restated to date (incorporated by
      reference to Siebert Financial Corp.&#146;s Form 10-K for the fiscal year
      ended December 31, 1997)</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>3.2</FONT></TD>
    <TD width="88%"> <FONT face="Times New Roman" size=2>By-laws of Siebert Financial
      Corp. (incorporated by reference to Siebert Financial Corp.&#146;s Registration
      Statement on Form S-1 (File No. 333-49843) filed with the Securities and
      Exchange Commission on April 10, 1998</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>10.1</FONT></TD>
    <TD width="88%"> <FONT face="Times New Roman" size=2>Siebert Financial Corp.
      1998 Restricted Stock Award Plan (incorporated by reference to Siebert Financial
      Corp.&#146;s Form 10-K for the fiscal year ended December 31, 1997)</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>10.2</FONT></TD>
    <TD width="88%"> <FONT face="Times New Roman" size=2>10(a) Siebert Financial
      Corp. 1997 Stock Option Plan (incorporated by reference to Siebert Financial
      Corp.&#146;s Form 10-K for the fiscal year ended December 31, 1996)</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>10.4</FONT></TD>
    <TD width="88%"> <FONT face="Times New Roman" size=2>LLC Operating Agreement,
      among Siebert, Brandford, Shank &amp; Co., LLC, Muriel Siebert &amp; Co.,
      Inc., Napoleon Brandford III and Suzanne F. Shank, dated as of March 10,
      1997 (incorporated by reference to Siebert Financial Corp.&#146;s Form 10-K
      for the fiscal year ended December 31, 1996)</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>10.5</FONT></TD>
    <TD width="88%"> <FONT face="Times New Roman" size=2>Services Agreement, between
      Siebert, Brandford, Shank &amp; Co., LLC and Muriel Siebert &amp; Co., Inc.,
      dated as of March 10, 1997 (incorporated by reference to Siebert Financial
      Corp.&#146;s Form 10-K for the fiscal year ended December 31, 1996)</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>10.6</FONT></TD>
    <TD width="88%"> <FONT face="Times New Roman" size=2>Siebert Financial Corp.
      1998 Restricted Stock Award Plan (incorporated by reference to Siebert Financial
      Corp.&#146;s Form 10-K for the fiscal year ended December 31, 1997)</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>10.7</FONT></TD>
    <TD width="88%"> <FONT face="Times New Roman" size=2>Stock Option Agreement,
      dated March 11, 1997, between the Company and Patricia L. Francy (incorporated
      by reference to Siebert Financial Corp.&#146;s Registration Statement on
      Form S-8 (File No. 333-72939) filed with the Securities and Exchange Commission
      on February 25, 1999)</FONT></TD>
  </TR>
</TABLE>
<P align="center"><font size="2" face="Times New Roman, Times, serif">11</font>
</P>
<hr noshade size=5>
<P style='Page-break-before:always'>


<TABLE width="100%" border="0" cellPadding="0" cellspacing="0">
  <TR>
    <TD width="5%"></TD>
    <TD width="5%" vAlign=top> <FONT face="Times New Roman" size=2>10.8</FONT></TD>
    <TD width="90%"> <FONT face="Times New Roman" size=2>Stock Option Agreement,
      dated March 11, 1997, between the Company and Jane H. Macon (incorporated
      by reference to Siebert Financial Corp.&#146;s Registration Statement on
      Form S-8 (File No. 333-72939) filed with the Securities and Exchange Commission
      on February 25, 1999)</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>10.9</FONT></TD>
    <TD width="86%"> <FONT face="Times New Roman" size=2>Stock Option Agreement,
      dated March 11, 1997, between the Company and Monte E. Wetzler (incorporated
      by reference to Siebert Financial Corp.&#146;s Registration Statement on
      Form S-8 (File No. 333-72939) filed with the Securities and Exchange Commission
      on February 25, 1999)</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>10.10</FONT></TD>
    <TD width="86%"> <FONT face="Times New Roman" size=2>Employment Agreement,
      dated as of April 9, 1999, between the Company and Daniel Jacobson (incorporated
      by reference to Siebert Financial Corp.&#146;s Form 10-Q for the quarter
      ended September 30, 1999)</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>10.11</FONT></TD>
    <TD width="86%"> <FONT face="Times New Roman" size=2>Strategic Alliance Agreement,
      dated as of April 29, 2002, by and between Intuit Inc, Muriel Siebert &amp;
      Co., Inc. and Investment Solutions, Inc. (incorporated by reference to Siebert
      Financial Corp.&#146;s Form 10-Q for the quarter ended June 30, 2002)</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>10.12</FONT></TD>
    <TD width="86%"> <FONT face="Times New Roman" size=2>Fully Disclosed Clearing
      Agreement, dated April 30, 2002, by and between the Pershing Division of
      Donaldson, Lufkin and Jenrette Securities Corporation and Muriel Siebert
      &amp; Co., Inc. (incorporated by reference to Siebert Financial Corp.&#146;s
      Form 10-Q for the quarter ended June 30, 2002)</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>21</FONT></TD>
    <TD width="86%"> <FONT face="Times New Roman" size=2>Subsidiaries of the registrant
      (incorporated by reference to Siebert Financial Corp.&#146;s Annual Report
      on Form 10-K for the year ended December 31, 2001)</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>23</FONT></TD>
    <TD width="86%"> <FONT face="Times New Roman" size=2><FONT color=black><FONT style="TEXT-DECORATION: none">Consent
      of Independent Auditors</FONT></FONT> (incorporated by reference to Siebert
      Financial Corp.&#146;s Annual Report on Form 10-K for the year ended December
      31, 2003)</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>31.1</FONT></TD>
    <TD width="86%"> <FONT face="Times New Roman" size=2><FONT color=black><FONT style="TEXT-DECORATION: none">Certification
      of Muriel F. Siebert</FONT></FONT> pursuant to Securities Exchange Act Rules
      13a-14 and 15d-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley
      Act of 2002&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>31.2</FONT></TD>
    <TD width="86%"> <FONT face="Times New Roman" size=2><FONT color=black><FONT style="TEXT-DECORATION: none">Certification
      of Joseph M. Ramos, Jr.</FONT></FONT> pursuant to Securities Exchange Act
      Rules 13a-14 and 15d-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley
      Act of 2002</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>32.1</FONT></TD>
    <TD width="86%"> <FONT face="Times New Roman" size=2><FONT color=black><FONT style="TEXT-DECORATION: none">Certification
      of Muriel F. Siebert</FONT></FONT> of Periodical Financial Report under
      Section 906 of the Sarbanes-Oxley Act of 2002 </FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD vAlign=top> <FONT face="Times New Roman" size=2>32.1</FONT></TD>
    <TD width="86%"> <FONT face="Times New Roman" size=2><FONT color=black><FONT style="TEXT-DECORATION: none">Certification
      of Joseph M. Ramos, Jr.</FONT></FONT> of Periodical Financial Report under
      Section 906 of the Sarbanes-Oxley Act of 2002</FONT></TD>
  </TR>
</TABLE>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;(b) Reports on Form 8-K </FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; None. </FONT></P>
<P align="center"><font size="2" face="Times New Roman, Times, serif">12</font>
</P>
<hr noshade size=5>
<P style='Page-break-before:always'>


<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>SIGNATURES</B></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2><B><FONT face="Times New Roman" color=black size=2><FONT style="FONT-WEIGHT: bold">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></B>
  <FONT face="Times New Roman" color=black size=2>Pursuant to the requirements
  of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the
  Registrant has duly caused this report to be signed on its behalf by the undersigned,
  thereunto duly authorized.</FONT></FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td colspan="2"><font face="Times New Roman, Times, Serif" size=2>SIEBERT
      FINANCIAL CORP.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="48%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font face="Times New Roman, Times, Serif" size=2>By:<u></u></font></td>
    <td><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;/s/ Muriel F.
      Siebert&nbsp;&nbsp;</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr align="left" width="50%" size="1" color=black></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font face="Times New Roman, Times, Serif" size=2>Name: Muriel
      F. Siebert</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font face="Times New Roman, Times, Serif" size=2>Title:&nbsp;&nbsp;&nbsp;Chair
      and President</font></td>
  </tr>
  <tr>
    <td><FONT face="Times New Roman, Times, Serif" size=2><B><FONT face="Times New Roman" color=black size=2><FONT style="FONT-WEIGHT: bold">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></B>
      <FONT face="Times New Roman" color=black size=2></FONT></FONT><font size="2" face="Times New Roman, Times, serif">April
      29, 2004</font></td>
    <td colspan="2">&nbsp;</td>
  </tr>
</table>
<P align="center"><font size="2" face="Times New Roman, Times, serif">13</font>
</P>
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</BODY></HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>2
<FILENAME>x31-1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN">
<html>
<head>
<title></title>

</head>

<body>
<P align=right><FONT face="Times New Roman, Times, Serif" size=2><B><FONT face="Times New Roman" size=2><FONT style="FONT-WEIGHT: bold">Exhibit
  31.1</FONT></FONT></B></FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B><FONT face="Times New Roman" size=2><FONT style="FONT-WEIGHT: bold">CERTIFICATION<BR>
  PURSUANT TO EXCHANGE ACT RULES 13A-14 AND 15D-14,<BR>
  AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</FONT></FONT></B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;I, <FONT color=black>Muriel
  F. Siebert</FONT>, certify that: </FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%"><FONT face="Times New Roman" size=2>1.</FONT></td>
    <td colspan="2"><FONT face="Times New Roman" size=2>I have reviewed this annual
      report on Form 10-K/A of Siebert Financial Corp.;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><FONT face="Times New Roman" size=2>2.</FONT></td>
    <td colspan="2"><FONT face="Times New Roman" size=2>Based on my knowledge,
      this annual report does not contain any untrue statement of a material fact
      or omit to state a material fact necessary to make the statements made,
      in light of the circumstances under which such statements were made, not
      misleading with respect to the period covered by this annual report;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><FONT face="Times New Roman" size=2>3.</FONT></td>
    <td colspan="2"><FONT face="Times New Roman" size=2>Based on my knowledge,
      the financial statements, and other financial information included in this
      annual report, fairly present in all material respects the financial condition,
      results of operations and cash flows of the registrant as of, and for, the
      periods presented in this annual report;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><FONT face="Times New Roman" size=2>4.</FONT></td>
    <td colspan="2"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;The registrant&#146;s
      other certifying officer and I are responsible for establishing and maintaining
      disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
      and 15d-15(e)) for the registrant and have:</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td width="2%"><FONT face="Times New Roman" size=2>a)</FONT></td>
    <td width="95%"><FONT face="Times New Roman" size=2>Designed such disclosure
      controls and procedures, or caused such disclosure controls and procedures
      to be designed under our supervision, to ensure that material information
      relating to the registrant, including its consolidated subsidiaries, is
      made known to us by others within those entities, particularly during the
      period in which this annual report is being prepared;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><FONT face="Times New Roman" size=2>b)</FONT></td>
    <td><FONT face="Times New Roman" size=2>Evaluated the effectiveness of the
      registrant&#146;s disclosure controls and procedures and presented in this
      annual report our conclusions about the effectiveness of the disclosure
      controls and procedures, as of the end of the period covered by this report
      based on such evaluation; and </FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><FONT face="Times New Roman" size=2>c)</FONT></td>
    <td><FONT face="Times New Roman" size=2>Disclosed in this annual report any
      change in the registrant&#146;s internal control over financial reporting
      that occurred during the registrant&#146;s most recent fiscal quarter (the
      registrant&#146;s fourth fiscal quarter in the case of an annual report)
      that has materially affected, or is reasonably likely to materially affect,
      the registrant&#146;s internal control over financial reporting; </FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><FONT face="Times New Roman" size=2>5.</FONT></td>
    <td colspan="2"><FONT face="Times New Roman" size=2>The registrant&#146;s
      other certifying officer and I have disclosed, based on our most recent
      evaluation of internal control over financial reporting, to the registrant&#146;s
      auditors and the audit committee of the registrant&#146;s board of directors
      (or persons performing the equivalent functions):</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><FONT face="Times New Roman" size=2>a)</FONT></td>
    <td><FONT face="Times New Roman" size=2>All significant deficiencies and material
      weaknesses in the design or operation of internal control over financial
      reporting which are reasonably likely to adversely affect the registrant&#146;s
      ability to record, process, summarize and report financial information;
      and </FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><FONT face="Times New Roman" size=2>b)</FONT></td>
    <td><FONT face="Times New Roman" size=2>Any fraud, whether or not material,
      that involves management or other employees who have a significant role
      in the registrant&#146;s internal control over financial reporting.</FONT></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="8%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="17%"><FONT face="Times New Roman" size=2>&nbsp;/s/ Muriel F. Siebert</FONT></td>
    <td width="11%">&nbsp;</td>
    <td width="61%"><FONT face="Times New Roman" color=black size=2>Date: &nbsp;
      April 29, 2004</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><HR color=black SIZE=1></td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><FONT face="Times New Roman" size=2>Name:</FONT></td>
    <td><FONT face="Times New Roman" color=black size=2>&nbsp;Muriel F. Siebert</FONT></td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><FONT face="Times New Roman" size=2>Title:</FONT></td>
    <td><FONT face="Times New Roman" color=black size=2>&nbsp;Chair and President</FONT></td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3"><FONT face="Times New Roman" color=black size=2>&nbsp;(principal
      executive officer)</FONT></td>
  </tr>
</table>
<br>
<hr noshade size=5>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>3
<FILENAME>x31-2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN">
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<head>
<title></title>

</head>

<body>
<P align="right"><FONT face="Times New Roman, Times, Serif" size=2><B><FONT face="Times New Roman" size=2><FONT style="FONT-WEIGHT: bold">Exhibit
  31.2 </FONT></FONT></B></FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B><FONT face="Times New Roman" size=2><FONT style="FONT-WEIGHT: bold">CERTIFICATION<BR>
  PURSUANT TO EXCHANGE ACT RULES 13A-14 AND 15D-14,<BR>
  AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</FONT></FONT></B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;I, <FONT color=black>Joseph
  M. Ramos, Jr.</FONT>, certify that: </FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%"><FONT face="Times New Roman" size=2>1.</FONT></td>
    <td colspan="2"><FONT face="Times New Roman" size=2>I have reviewed this annual
      report on Form 10-K/A of Siebert Financial Corp.;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><FONT face="Times New Roman" size=2>2.</FONT></td>
    <td colspan="2"><FONT face="Times New Roman" size=2>Based on my knowledge,
      this annual report does not contain any untrue statement of a material fact
      or omit to state a material fact necessary to make the statements made,
      in light of the circumstances under which such statements were made, not
      misleading with respect to the period covered by this annual report;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><FONT face="Times New Roman" size=2>3.</FONT></td>
    <td colspan="2"><FONT face="Times New Roman" size=2>Based on my knowledge,
      the financial statements, and other financial information included in this
      annual report, fairly present in all material respects the financial condition,
      results of operations and cash flows of the registrant as of, and for, the
      periods presented in this annual report;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><FONT face="Times New Roman" size=2>4.</FONT></td>
    <td colspan="2"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;The registrant&#146;s
      other certifying officer and I are responsible for establishing and maintaining
      disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
      and 15d-15(e)) for the registrant and have:</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td width="2%"><FONT face="Times New Roman" size=2>a)</FONT></td>
    <td width="95%"><FONT face="Times New Roman" size=2>Designed such disclosure
      controls and procedures, or caused such disclosure controls and procedures
      to be designed under our supervision, to ensure that material information
      relating to the registrant, including its consolidated subsidiaries, is
      made known to us by others within those entities, particularly during the
      period in which this annual report is being prepared;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><FONT face="Times New Roman" size=2>b)</FONT></td>
    <td><FONT face="Times New Roman" size=2>Evaluated the effectiveness of the
      registrant&#146;s disclosure controls and procedures and presented in this
      annual report our conclusions about the effectiveness of the disclosure
      controls and procedures, as of the end of the period covered by this report
      based on such evaluation; and </FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><FONT face="Times New Roman" size=2>c)</FONT></td>
    <td><FONT face="Times New Roman" size=2>Disclosed in this annual report any
      change in the registrant&#146;s internal control over financial reporting
      that occurred during the registrant&#146;s most recent fiscal quarter (the
      registrant&#146;s fourth fiscal quarter in the case of an annual report)
      that has materially affected, or is reasonably likely to materially affect,
      the registrant&#146;s internal control over financial reporting; and </FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><FONT face="Times New Roman" size=2>5.</FONT></td>
    <td colspan="2"><FONT face="Times New Roman" size=2>The registrant&#146;s
      other certifying officer and I have disclosed, based on our most recent
      evaluation of internal control over financial reporting, to the registrant&#146;s
      auditors and the audit committee of the registrant&#146;s board of directors
      (or persons performing the equivalent functions):</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><FONT face="Times New Roman" size=2>a)</FONT></td>
    <td><FONT face="Times New Roman" size=2>All significant deficiencies and material
      weaknesses in the design or operation of internal control over financial
      reporting which are reasonably likely to adversely affect the registrant&#146;s
      ability to record, process, summarize and report financial information;
      and </FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><FONT face="Times New Roman" size=2>b)</FONT></td>
    <td><FONT face="Times New Roman" size=2>Any fraud, whether or not material,
      that involves management or other employees who have a significant role
      in the registrant&#146;s internal control over financial reporting.</FONT></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="8%">&nbsp;</td>
    <td width="20%"><FONT face="Times New Roman" size=2>/s/ </FONT><FONT face="Times New Roman" color=black size=2>Joseph
      M. Ramos, Jr.</FONT></td>
    <td width="12%">&nbsp;</td>
    <td width="60%"><FONT face="Times New Roman" color=black size=2>Date: &nbsp;
      April 29, 2004</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><HR color=black SIZE=1></td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><FONT face="Times New Roman" color=black size=2>Joseph M. Ramos, Jr.</FONT></td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><FONT face="Times New Roman" color=black size=2>Chief Financial Officer</FONT></td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3"><FONT face="Times New Roman" color=black size=2>(principal
      financial and accounting officer)</FONT></td>
  </tr>
</table>
<br>
<hr noshade size=5>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>4
<FILENAME>x32-1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN">
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<head>
<title></title>

</head>

<body>
<P align="right"><FONT face="Times New Roman, Times, Serif" size=2><B><FONT face="Times New Roman" size=2><FONT style="FONT-WEIGHT: bold">Exhibit
  32.1</FONT></FONT></B></FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B><FONT face="Times New Roman" size=2><FONT style="FONT-WEIGHT: bold">CERTIFICATION
  PURSUANT TO<BR>
  18 U.S.C. SECTION 1350,<BR>
  AS ADOPTED PURSUANT TO<BR>
  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</FONT></FONT></B></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
  connection with the Annual Report of Siebert Financial Corp. (the &#147;Company&#148;)
  on Form 10-K/A for the year ended December 31, 2003, as filed with the Securities
  and Exchange Commission on the date hereof (the &#147;Report&#148;), I, Muriel
  F. Siebert, in my capacity as Chair and President of the Company, hereby certify,
  pursuant to 18 U.S.C. &#167;1350, as adopted pursuant to &#167;906 of the Sarbanes-Oxley
  Act of 2002, that to my knowledge: </FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="3%" valign="top"><FONT face="Times New Roman" size=2>(1)</FONT></td>
    <td valign="top"><FONT face="Times New Roman" size=2>the Report filed by the
      Company with the Securities and Exchange Commission fully complies with
      the requirements of Section 13(a) of the Securities Exchange Act of 1934;
      and</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><FONT face="Times New Roman" size=2>(2)</FONT></td>
    <td valign="top"><FONT face="Times New Roman" size=2>the information contained
      in the Report fairly presents, in all material respects, the financial condition
      and results of operations of the Company for the period covered by the Report.</FONT></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="18%"><FONT face="Times New Roman" size=2>/s/ Muriel F. Siebert</FONT></td>
    <td width="11%">&nbsp;</td>
    <td width="67%"><FONT face="Times New Roman" color=black size=2>Dated: &nbsp;
      April 29, 2004</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><HR color=black SIZE=1></td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><FONT face="Times New Roman" color=black size=2>Muriel F. Siebert</FONT></td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><FONT face="Times New Roman" color=black size=2>Chair and President</FONT></td>
    <td colspan="2">&nbsp;</td>
  </tr>
</table>
<p><FONT face="Times New Roman, Times, Serif" size=2>A signed original of this
  written statement required by Section 906, or other document authenticating,
  acknowledging, or otherwise adopting the signature that appears in typed form
  within the electronic version of this written statement required by Section
  906, has been provided to Siebert Financial Corp. and will be retained by Siebert
  Financial Corp. and furnished to the Securities and Exchange Commission or its
  staff upon request. </FONT></p>
<hr noshade size=5>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>5
<FILENAME>x32-2.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN">
<html>
<head>
<title></title>

</head>

<body>
<P align=right><FONT face="Times New Roman, Times, Serif" size=2><B><FONT face="Times New Roman" size=2><FONT style="FONT-WEIGHT: bold">Exhibit
  32.2</FONT></FONT></B></FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B><FONT face="Times New Roman" size=2><FONT style="FONT-WEIGHT: bold">CERTIFICATION
  PURSUANT TO<BR>
  18 U.S.C. SECTION 1350,<BR>
  AS ADOPTED PURSUANT TO<BR>
  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</FONT></FONT></B></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
  connection with the Annual Report of Siebert Financial Corp. (the &#147;Company&#148;)
  on Form 10-K/A for the year ended December 31, 2003, as filed with the Securities
  and Exchange Commission on the date hereof (the &#147;Report&#148;), I, Joseph
  M. Ramos, Jr., in my capacity as Chief Financial Officer of the Company, hereby
  certify, pursuant to 18 U.S.C. &#167;1350, as adopted pursuant to &#167;906
  of the Sarbanes-Oxley Act of 2002, that to my knowledge:</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="3%" valign="top"><FONT face="Times New Roman" size=2>(1)</FONT></td>
    <td valign="top"><FONT face="Times New Roman" size=2>the Report filed by the
      Company with the Securities and Exchange Commission fully complies with
      the requirements of Section 13(a) of the Securities Exchange Act of 1934;
      and</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><FONT face="Times New Roman" size=2>(2)</FONT></td>
    <td valign="top"><FONT face="Times New Roman" size=2>the information contained
      in the Report fairly presents, in all material respects, the financial condition
      and results of operations of the Company for the period covered by the Report.</FONT></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="20%"><FONT face="Times New Roman" size=2>/s/ Joseph M. Ramos, Jr.</FONT></td>
    <td width="11%">&nbsp;</td>
    <td width="66%"><FONT face="Times New Roman" color=black size=2>Dated: &nbsp;
      April 29, 2004</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><HR color=black SIZE=1></td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><FONT face="Times New Roman" color=black size=2>Joseph M. Ramos, Jr.</FONT></td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><FONT face="Times New Roman" color=black size=2>Chief Financial Officer</FONT></td>
    <td colspan="2">&nbsp;</td>
  </tr>
</table>
<p><FONT face="Times New Roman, Times, Serif" size=2>A signed original of this
  written statement required by Section 906, or other document authenticating,
  acknowledging, or otherwise adopting the signature that appears in typed form
  within the electronic version of this written statement required by Section
  906, has been provided to Siebert Financial Corp. and will be retained by Siebert
  Financial Corp. and furnished to the Securities and Exchange Commission or its
  staff upon request. </FONT></p>
<hr noshade size=5>
</body>
</html>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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