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<SEC-DOCUMENT>0001089355-05-000056.txt : 20050404
<SEC-HEADER>0001089355-05-000056.hdr.sgml : 20050404
<ACCEPTANCE-DATETIME>20050404160829
ACCESSION NUMBER:		0001089355-05-000056
CONFORMED SUBMISSION TYPE:	10-K/A
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20041231
FILED AS OF DATE:		20050404
DATE AS OF CHANGE:		20050404

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:		05729953

	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>siebert_financialcorp.htm
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<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B><FONT size=4>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION</FONT><BR></B></FONT><FONT face="Times New Roman, Times, Serif" size=2><B>Washington, D.C. 20549</B></FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=4><B>FORM 10-K/A</B></FONT></P>
<P align=center><b><font size="2" face="Times New Roman, Times, Serif">Amendment No. 1 </font></b></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>(Mark One)</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><FONT face=Wingdings size=3>x</FONT><B> ANNUAL REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES<BR>EXCHANGE ACT OF 1934</B></FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>For the fiscal year ended DECEMBER 31, 2004</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><FONT face=Wingdings size=3>o</FONT> <B>TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES<BR>EXCHANGE ACT OF 1934</B></FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>For the transition period from&nbsp;&nbsp;&nbsp;_____________to __________</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>Commission file number&nbsp;&nbsp;&nbsp; 0-5703</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B><FONT size=5>SIEBERT FINANCIAL CORP.</FONT><BR></B>(Exact name of registrant as specified in its charter)</FONT></P>
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<TD width="50%"><FONT face="Times New Roman, Times, Serif" size=2><B>NEW YORK&nbsp;</B></FONT></TD>
<TD width="50%"><FONT face="Times New Roman, Times, Serif" size=2><B>11-1796714</B></FONT></TD></TR>
<TR align="CENTER">
<TD><FONT face="Times New Roman, Times, Serif" size=2>(State or other jurisdiction of</FONT></TD>
<TD><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;(I.R.S. Employer</FONT></TD></TR>
<TR align="CENTER">
<TD><FONT face="Times New Roman, Times, Serif" size=2>incorporation or organization)</FONT></TD>
<TD><FONT face="Times New Roman, Times, Serif" size=2>Identification No.)</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><B>885 THIRD AVENUE, NEW YORK, NEW YORK</B></FONT></TD>
<TD><FONT face="Times New Roman, Times, Serif" size=2><B>10022</B></FONT></TD></TR>
<TR align="CENTER">
<TD><FONT face="Times New Roman, Times, Serif" size=2>(Address of principal executive offices)</FONT></TD>
<TD><FONT face="Times New Roman, Times, Serif" size=2>(Zip Code)</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>Registrant&#146;s telephone number</FONT></TD>
<TD><FONT face="Times New Roman, Times, Serif" size=2>(212) 644-2400</FONT></TD></TR>
<TR align="CENTER">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR align="CENTER">
<TD colSpan=2><FONT face="Times New Roman, Times, Serif" size=2>Securities registered under Section 12(b) of the Exchange Act:</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>Title of each class</FONT></TD>
<TD><FONT face="Times New Roman, Times, Serif" size=2>Name of each exchange on which registered</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><B>NONE</B></FONT></TD>
<TD><FONT face="Times New Roman, Times, Serif" size=2><B>NONE</B></FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>Securities registered under Section 12(g) of the Exchange Act:</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>COMMON STOCK, PAR VALUE $.01 PER SHARE</B></FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>(Title of class)</FONT></P>
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<TR>
<TD 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 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 vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>Yes&nbsp;&nbsp;&nbsp; <FONT face=Wingdings size=3>x</FONT>&nbsp;&nbsp;&nbsp; No <FONT face=Wingdings size=3>o</FONT></FONT></TD></TR>
<TR>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>Indicate by check mark if disclosure of delinquent filers in response to Item 405 of Regulation S-K
(ss. 229.405) 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. <FONT face=Wingdings size=3>x</FONT></FONT></TD></TR>
<TR>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD 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 Exchange Act Rule
12b-2). Yes <FONT face=Wingdings size=3>o</FONT> No <FONT face=Wingdings size=3>x</FONT></FONT></TD></TR></TABLE><BR>
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</TD></TR></TABLE>
<P style="PAGE-BREAK-BEFORE: always">
<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 9, 2005, was 22,084,587
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, 2004), was $7,362,139. </FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>Documents Incorporated by Reference: Proxy Statement to be filed pursuant to Regulation 14A of the Exchange Act on or before April 30, 2005, incorporated by reference into Part III. </FONT></P>
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<TD><FONT face="Times New Roman, Times, Serif" size=2><STRONG>Explanatory Note:<BR></STRONG><BR>Siebert Financial Corp. (the &#147;Company&#148;) is filing this Amendment to the Annual Report on
From 10-K filed with the Securities Exchange Commission on March 31, 2005 (the &#147;Original Report&#148;)
solely to (i) correct a typographical error appearing in Item 15. Exhibits and Financial Statement
Schedules on page 24 of the Original Report, (ii) correct a typographical error appearing in the
Report of Independent Registered Public Accounting Firm on page F-1 of the Original Report and (iii)
to include Exhibit 23 Consent of Independent Registered Public Accounting Firm which was inadvertently
not included as an exhibit to the Original Report.&nbsp; No other changes are being made by means
of this filing.</FONT> </TD></TR>
<TR>
<TD></TD></TR>
</TABLE>
<P align=center><FONT face="Times New Roman, Times, serif" size=2>- 2 -</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>PART IV </B></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2><B>ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULE</B></FONT></P>
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  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top><FONT face="Times New Roman, Times, serif" size=2>(a)</FONT></TD>
  <TD vAlign=top><FONT face="Times New Roman, Times, serif" size=2> The following documents are filed as part of this report: </FONT></TD>
</TR>
<TR>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
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<TD vAlign=top width=53>&nbsp;</TD>
<TD vAlign=top width=25><FONT face="Times New Roman, Times, serif" size=2>1.</FONT></TD>
<TD vAlign=top>
<P><FONT face="Times New Roman, Times, serif" size=2>Financial Statements </FONT></P></TD></TR>
<TR>
<TD vAlign=top>&nbsp;</TD>
<TD vAlign=top>&nbsp;</TD>
<TD vAlign=top align=left>&nbsp;</TD></TR>
<TR>
<TD vAlign=top>&nbsp;</TD>
<TD vAlign=top>&nbsp;</TD>
<TD vAlign=top align=left><FONT face="Times New Roman, Times, serif" size=2>The consolidated Financial statements for the year ended December 31, 2004 commence on page F-1 of
this report on Form 10-K. </FONT></TD></TR>
<TR>
<TD vAlign=top>&nbsp;</TD>
<TD vAlign=top>&nbsp;</TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top>&nbsp;</TD>
<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>Financial Statement Schedules </FONT></TD></TR>
<TR>
<TD vAlign=top>&nbsp;</TD>
<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>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top>&nbsp;</TD>
<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>None.</FONT></TD></TR>
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<TD vAlign=top>&nbsp;</TD>
<TD vAlign=top>&nbsp;</TD>
<TD vAlign=top>&nbsp;</TD></TR>
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<TD vAlign=top>&nbsp;</TD>
<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>Exhibits </FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>
<P><FONT face="Times New Roman, Times, Serif" size=2>The exhibits required by Item 601 of the <FONT face="Times New Roman, Times, Serif">Regulation</FONT> S-K filed as part of, or incorporated by reference in, this report are listed in the accompanying
Exhibit Index. </FONT></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman, Times, serif" size=2>- 3 -</FONT></P>
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<P style="PAGE-BREAK-BEFORE: always"><FONT face="Times New Roman, Times, Serif" size=2><STRONG>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</STRONG></FONT>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>Board of Directors and Stockholders<BR>Siebert Financial Corp.</FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>We have audited the accompanying consolidated statements of financial condition of Siebert Financial
Corp. and its wholly owned subsidiaries (the &#147;Company&#148;) as of December 31, 2004 and 2003,
and the related consolidated statements of operations, changes in stockholders&#146; equity and cash
flows for each of the years in the three-year period ended December 31, 2004.&nbsp; These consolidated
financial statements are the responsibility&nbsp; of the Company&#146;s management. Our responsibility
is to express an opinion on these consolidated&nbsp; financial statements based on our audits. <BR><BR>We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States).&nbsp; Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement.&nbsp;
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements.&nbsp;An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.<BR><BR>In our opinion, the financial statements referred to above present fairly, in all material respects,
the consolidated financial position of Siebert Financial Corp. and its wholly owned subsidiaries
as of December 31, 2004 and 2003, and the consolidated results of their operations and their consolidated
cash flows for each of the years in the three-year period ended December 31, 2004 in conformity with
U.S. generally accepted accounting principles.</FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2><BR>Eisner LLP</FONT></P>
<P align=left><FONT face="Times New Roman, Times, serif" size=2>New York, New York<BR>March 22, 2005<BR><BR>With respect to Note B <BR>March 29, 2005</FONT></P>
<P align=center><FONT face="Times New Roman, Times, serif" size=2>F-1</FONT></P>
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<P style="PAGE-BREAK-BEFORE: always">
<P align=left><FONT face="Times New Roman, Times, Serif" size=2><B><A name=a2></A></B></FONT></P>
<P style="PAGE-BREAK-BEFORE: always">
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>SIGNATURES</B></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;&nbsp;</FONT><FONT face="Times New Roman, Times, Serif" size=2>In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized. </FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>SIEBERT FINANCIAL CORP.</B></FONT></P>
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<TD width="50%">&nbsp;</TD>
<TD width="4%"><FONT face="Times New Roman, Times, Serif" size=2><U>By:</U></FONT></TD>
<TD><FONT face="Times New Roman, Times, Serif" size=2><U>/s/ MURIEL F. SIEBERT</U></FONT></TD></TR>
<TR>
<TD><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
<TD><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
<TD><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT face="Times New Roman, Times, Serif" size=2>Muriel F. Siebert</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT face="Times New Roman, Times, Serif" size=2>Chair and President</FONT></TD></TR>
<TR>
<TD><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
<TD><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
<TD><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><FONT face="Times New Roman, Times, Serif" size=2>Date:</FONT></TD>
<TD><FONT face="Times New Roman, Times, Serif" size=2>April 4, 2005</FONT></TD></TR></TABLE>
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<P align=right><FONT face="Times New Roman, Times, Serif" size=2><B><FONT face="Times New Roman" size=2>Exhibit 23</FONT></B></FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B><FONT face="Times New Roman" size=2>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>We consent to the incorporation by reference in (1) the Registration Statement on Form S-8, File No.
333-43837, (2) the Registration Statement on Form S-8, File No. 333-43839, (3) the Registration Statement
on Form S-8, File No. 333-72939, (4) the Registration Statement on Form S-3, File No. 333-81037 and
(5) the Registration Statement on Form S-8, File No. 333-102701 of our report dated March 22, 2005
(with respect to Note B, March 29, 2005) on our audit of the consolidated financial statements of
Siebert Financial Corp. and subsidiaries as of December 31, 2004 and 2003 and for each of the years
in the three-year period ended December 31, 2004 included in this Annual Report on Form 10-K. We also consent to the incorporation by reference of our report dated February 3, 2005 on our audit of the financial statements of Siebert, Brandford, Shank &amp; Co., L.L.C. included in this Annual Report on Form 10-K. In
addition, we consent to the reference to us under the heading &#147;Experts&#148; in the Registration
Statement on Form S-3.</FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>/s/ Eisner LLP</FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>New York, New York<br>
</FONT><FONT face="Times New Roman, Times, Serif" size=2>March 30, 2005</FONT></P>

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<P align=right><FONT face="Times New Roman, Times, Serif" size=2><B>Exhibit 31.1</B></FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>CERTIFICATION<BR></B></FONT><FONT face="Times New Roman, Times, Serif" size=2><B>PURSUANT TO EXCHANGE ACT RULE 13A-14 AND 15D-14, <BR></B></FONT><FONT face="Times New Roman, Times, Serif" size=2><B>AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>I, Muriel F. Siebert certify that: </FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>1. &nbsp;I have reviewed this report on Form 10-K/A of Siebert Financial Corp.; </FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>2. &nbsp;&nbsp;Based on my knowledge, this 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
report; </FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>3. &nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included
in this 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 report; </FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>4. &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></P>
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<TD vAlign=top width=33>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(a) 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 report is being prepared;</FONT></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=33>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(b) Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented
in this 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>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=33>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(c)&nbsp;&nbsp;Disclosed in this 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 registrants internal control over financial reporting;</FONT></TD></TR></TABLE>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>5. &nbsp;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></P>
<TABLE cellSpacing="0" cellPadding="0" width="100%" border="0">

<TR>
<TD vAlign=top width=33>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(a)&nbsp;&nbsp;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>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=33>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(b) 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><BR>
<TABLE cellSpacing="0" cellPadding="0" width="100%" border="0">

<TR>
<TD width="50%"><FONT face="Times New Roman, Times, Serif" size=2>/s/ Muriel F. Siebert</FONT></TD>
<TD align=left width="8%">&nbsp;</TD>
<TD align=left><FONT face="Times New Roman, Times, Serif" size=2>Date: April 4, 2005</FONT></TD></TR>
<TR>
<TD><FONT face="Times New Roman, Times, Serif" size=2>Muriel F. Siebert</FONT></TD>
<TD colSpan=2>&nbsp;</TD></TR>
<TR>
<TD><FONT face="Times New Roman, Times, Serif" size=2>Chair and President</FONT></TD>
<TD colSpan=2>&nbsp;</TD></TR>
<TR>
<TD><FONT face="Times New Roman, Times, Serif" size=2>(principal executive officer)</FONT></TD>
<TD colSpan=2>&nbsp;</TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD colSpan=2>&nbsp;</TD></TR></TABLE>
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<TYPE>EX-31.2
<SEQUENCE>4
<FILENAME>ex_31-2.htm
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<P align=right><FONT face="Times New Roman, Times, Serif" size=2><B>Exhibit 31.2</B></FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>CERTIFICATION<BR></B></FONT><FONT face="Times New Roman, Times, Serif" size=2><B>PURSUANT TO EXCHANGE ACT RULE 13A-14 AND 15D-14, <BR></B></FONT><FONT face="Times New Roman, Times, Serif" size=2><B>AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>I, Joseph M. Ramos, Jr. certify that: </FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>1. &nbsp;I have reviewed this report on Form 10-K/A of Siebert Financial Corp.; </FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>2. &nbsp;&nbsp;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 report; </FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>3. &nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included
in this 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 report; </FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>4. &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></P>
<TABLE cellSpacing="0" cellPadding="0" width="100%" border="0">

<TR>
<TD vAlign=top width=33>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(a) 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 report is being prepared;</FONT></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=33>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(b) Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented
in this 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>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=33>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(c)&nbsp;&nbsp;Disclosed in this 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 registrants internal control over financial reporting;</FONT></TD></TR></TABLE>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>5. &nbsp;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></P>
<TABLE cellSpacing="0" cellPadding="0" width="100%" border="0">

<TR>
<TD vAlign=top width=33>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(a)&nbsp;&nbsp;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>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=33>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(b) 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><BR>
<TABLE cellSpacing="0" cellPadding="0" width="100%" border="0">

<TR>
<TD width="50%"><FONT face="Times New Roman, Times, Serif" size=2>/s/ Joseph M. Ramos, Jr.</FONT></TD>
<TD align=left width="8%">&nbsp;</TD>
<TD align=left><FONT face="Times New Roman, Times, Serif" size=2>Date: April 4, 2005</FONT></TD></TR>
<TR>
<TD><FONT face="Times New Roman, Times, Serif" size=2>Joseph M. Ramos, Jr.</FONT></TD>
<TD colSpan=2>&nbsp;</TD></TR>
<TR>
<TD><FONT face="Times New Roman, Times, Serif" size=2>Chief Financial Officer</FONT></TD>
<TD colSpan=2>&nbsp;</TD></TR>
<TR>
<TD><FONT face="Times New Roman, Times, Serif" size=2>(principal financial and accounting officer)</FONT></TD>
<TD colSpan=2>&nbsp;</TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD colSpan=2>&nbsp;</TD></TR></TABLE>
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<TYPE>EX-32.1
<SEQUENCE>5
<FILENAME>ex_32-1.htm
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<P align=right><FONT face="Times New Roman, Times, Serif" size=2>Exhibit 32.1</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>CERTIFICATION PURSUANT TO<br>
  </B></FONT><FONT face="Times New Roman, Times, Serif" size=2><B>18 U.S.C. SECTION 1350,<br>
  </B></FONT><FONT face="Times New Roman, Times, Serif" size=2><B>AS ADOPTED PURSUANT TO<br>
</B></FONT><FONT face="Times New Roman, Times, Serif" size=2><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>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, 2004, as filed with the Securities and Exchange Commission (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. ss. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge: </FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;the Report filed by the Company with the Securities and Exchange Commission fully complies with the requirements of Section 13(a) of the Securities and Exchange Act of 1934; and </FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;the information&nbsp;contained in the Report fairly&nbsp;presents,&nbsp;in all material respects, the financial condition and results of operations of the Company for the period covered by the report. </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%"><FONT face="Times New Roman, Times, Serif" size=2>/s/ Muriel F. Siebert</FONT></td>
    <td width="8%" align="left">&nbsp;</td>
    <td align="left"><FONT face="Times New Roman, Times, Serif" size=2>Date: April 4, 2005</FONT></td>
  </tr>
  <tr>
    <td><FONT face="Times New Roman, Times, Serif" size=2>Muriel F. Siebert</FONT></td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td><FONT face="Times New Roman, Times, Serif" size=2>Chair and President</FONT></td>
    <td colspan="2">&nbsp;</td>
  </tr>
</table>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;A signed original of this written statement required by Section 906, or other documents 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>
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<TYPE>EX-32.2
<SEQUENCE>6
<FILENAME>ex_32-2.htm
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<P align=right><FONT face="Times New Roman, Times, Serif" size=2><B>Exhibit 32.2</B></FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>CERTIFICATION PURSUANT TO<br>
  </B></FONT><FONT face="Times New Roman, Times, Serif" size=2><B>18 U.S.C. SECTION 1350,<br>
  </B></FONT><FONT face="Times New Roman, Times, Serif" size=2><B>AS ADOPTED PURSUANT TO<br>
</B></FONT><FONT face="Times New Roman, Times, Serif" size=2><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>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, 2004, as filed with the Securities and Exchange Commission (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. ss. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge: </FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;the Report filed by the Company with the Securities and Exchange Commission fully complies with the requirements of Section 13(a) of the Securities and Exchange Act of 1934; and </FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;the information&nbsp;contained in the Report fairly&nbsp;presents,&nbsp;in all material respects, the financial condition and results of operations of the Company for the period covered by the report. </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%"><FONT face="Times New Roman, Times, Serif" size=2>/s/ Joseph M. Ramos, Jr.</FONT></td>
    <td width="8%" align="left">&nbsp;</td>
    <td align="left"><FONT face="Times New Roman, Times, Serif" size=2>Date: April 4, 2005</FONT></td>
  </tr>
  <tr>
    <td><FONT face="Times New Roman, Times, Serif" size=2>Joseph M. Ramos, Jr.</FONT></td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td><FONT face="Times New Roman, Times, Serif" 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 documents 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 Fiancial Corp. and furnished to the Securities and Exchange Commission or its staff upon request.</FONT></P>
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