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<SEC-DOCUMENT>0001089355-08-000016.txt : 20080401
<SEC-HEADER>0001089355-08-000016.hdr.sgml : 20080401
<ACCEPTANCE-DATETIME>20080401163834
ACCESSION NUMBER:		0001089355-08-000016
CONFORMED SUBMISSION TYPE:	10-K/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20071231
FILED AS OF DATE:		20080401
DATE AS OF CHANGE:		20080401

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:		08729864

	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>n10382.htm
<DESCRIPTION>FORM 10-K/A
<TEXT>
<HTML>

<HEAD><TITLE></TITLE></HEAD>
<BODY>
<HR WIDTH="100%" SIZE="4" noshade style="margin-top: -5px">
<HR WIDTH="100%" SIZE="1" noshade style="margin-top: -10px">


<P ALIGN=CENTER><FONT SIZE=4><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>Washington,
D.C. 20549</B></FONT></P>

<P><HR NOSHADE WIDTH=120 size=1 COLOR=GRAY>

<P ALIGN=CENTER><FONT SIZE=3><B>Form 10-K/A</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>Amendment No. 1</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>(Mark One)</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3 FACE=WINGDINGS><B>x</B></FONT><FONT SIZE=3><B> ANNUAL REPORT UNDER SECTION 13 OR 15(d)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>For the fiscal year ended: December 31, 2007</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3 FACE=WINGDINGS>o</FONT><FONT SIZE=3> TRANSITION REPORT UNDER SECTION 13 OR
15(d)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>For the transition period from _____________ to __________</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>Commission file number 0-5703</B></FONT></P>

<P><HR NOSHADE WIDTH=120 size=1 COLOR=GRAY>

<P ALIGN=CENTER><FONT SIZE=6><B>Siebert Financial Corp.</B></FONT><BR>
<FONT SIZE=2><B>(Exact
name of registrant as specified in its charter)</B></FONT></P>

<P><HR NOSHADE WIDTH=120 size=1 COLOR=GRAY><BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>New York</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>11-1796714</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>(State or other jurisdiction of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>(I.R.S. Employer</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>incorporation or organization)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>Identification No.)</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>885 Third Avenue, New York, New York</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>10022</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>(Address of principal executive offices)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>(Zip Code)</B></FONT></P>
 </TD>
 </TR>
</table>

<P ALIGN=CENTER><FONT SIZE=2><B>(212) 644-2400<BR>
Registrant&#146;s telephone number</B></FONT></P>

<P><HR NOSHADE WIDTH=120 size=1 COLOR=GRAY>

<P ALIGN=CENTER><FONT SIZE=2>Securities registered under Section 12(b) of the Exchange Act:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Title
 of each class</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Name
 of each exchange on which registered</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>NONE</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>NONE</B></FONT></P>
 </TD>
 </TR>
</table>

<P ALIGN=CENTER><FONT SIZE=2>Securities registered under Section 12(g) of the Exchange Act:</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>COMMON STOCK, PAR VALUE $.01 PER SHARE<BR>
</B>(Title of class)</FONT></P>

<P><FONT SIZE=2>Indicate by checkmark if the
registrant is a well know seasoned issuer, as defined in Rule 405 of the
Securities Act. YES <FONT SIZE=2 FACE=WINGDINGS>o</FONT> NO <FONT SIZE=2 FACE=WINGDINGS>x</FONT></FONT></P>

<P><FONT SIZE=2>Indicate by checkmark if the
registrant is not required to file reports pursuant to Section 13 or Section
15(d) of the Act.<BR>YES <FONT SIZE=2 FACE=WINGDINGS>o</FONT> NO <FONT SIZE=2 FACE=WINGDINGS>x</FONT></FONT></P>

<P><FONT SIZE=2>Indicate by checkmark
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. YES </FONT><FONT SIZE=2 FACE=WINGDINGS>x</FONT> <FONT SIZE=2>NO</font> <FONT SIZE=2 FACE=WINGDINGS>o</FONT></P>

<P><FONT SIZE=2>Indicate by checkmark 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. <FONT FACE=WINGDINGS>o</FONT></FONT></P>

<P><FONT SIZE=2>Indicate by checkmark
whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer or a smaller reporting company. (See the definitions of
&#147;large accelerated filer&#148;, &#147;accelerated filer&#148; and &#147;smaller reporting company&#148;
in Rule 12b-2 of the Exchange Act).</font></p>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="80%">
 <TR style="font-size:1px">
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="LEFT"><FONT SIZE=2>Large accelerated filer <FONT FACE=WINGDINGS>o</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Accelerated filer <FONT SIZE=2 FACE=WINGDINGS>o</FONT></FONT></P>
 </TD>
 </TR>

<TR>
 <TD VALIGN=TOP>
 <P ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
<TR>
 <TD VALIGN=TOP>
<P ALIGN="LEFT"><FONT SIZE=2>Non-accelerated
 filer <FONT SIZE=2 FACE=WINGDINGS>o</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Smaller reporting company <FONT  FACE=WINGDINGS>x</FONT></FONT></P>
 </TD>
 </TR>
</table>

<P><FONT SIZE=2>Indicate by checkmark
whether the registrant is a shell company (as defined in Rule 12b-2). YES <FONT FACE=WINGDINGS>o</FONT> NO <FONT SIZE=2
FACE=WINGDINGS>x</FONT></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
number of shares of the Registrant&#146;s outstanding Common Stock, as of March 11,
2008, was 23,214,132 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, 2007),
was $8,795,338. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Documents
Incorporated by Reference: Proxy Statement to be filed pursuant to Regulation
14A of the Exchange Act on or before April 29, 2008, incorporated by reference
into Part III. </FONT></P>

<HR WIDTH="100%" SIZE="1" noshade style="margin-top: -2px">
<HR WIDTH="100%" SIZE="4" noshade style="margin-top: -10px">
<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>






<P><FONT SIZE=2><B>Explanatory Note:</B></FONT></P>

<P><FONT SIZE=2>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, 2008
(the &#147;Original Report&#148;) solely to correct a typographical error appearing in
the Consent of Independent Registered Public Accounting Firm filed as Exhibit
23 to the Original Report. No other changes are being made by means of this
filing.</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2><B>PART IV</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="12%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="88%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>Item 15.</B></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>EXHIBITS AND FINANCIAL STATEMENT SCHEDULES</B></FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(a)</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2>The
  following documents are filed as part of this report:</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>1.</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Financial
  Statements </FONT></P>
  </TD>
 </TR>
</table>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consolidated Financial statements for the year ended December 31, 2007 commence
on page F-1 of this report on Form 10-K. </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>2.</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Financial
  Statement Schedules</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2>None.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>3.</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Exhibits</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2>Exhibit
  Numbers 10.1, 10.2, 10.5 and 10.9 are management contracts, compensatory
  plans or arrangements.</FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="7%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P ALIGN="CENTER"><FONT SIZE=1><B>Exhibit No.</B></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1><B>Description Of Document</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>2.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT 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></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>2.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT 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></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>2.3</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT 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></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>2.4</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT 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></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>3.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT 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></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>3.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT 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></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT 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></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT 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></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.3</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT 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></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.4</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT 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></P>
  </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
  <TR style="font-size:1px">
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="7%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.5</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT 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></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.6</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT 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></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.7</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT 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></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.8</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Operating
  Agreement of SBS Financial Products Company, LLC, dated effective as of April
  19, 2005, by and among Siebert Financial Corp., Napoleon Brandford III and
  Suzanne Shank. (incorporated by reference to Siebert Financial Corp.&#146;s
  Current Report on Form 8-K filed with the Securities and Exchange Commission
  on May 17, 2005)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.9</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Siebert
  Financial Corp. 2007 Long-Term Incentive Plan (incorporated by reference to
  Siebert Financial Corp.&#146;s Registration Statement on Form S-8 (File No.
  333-144680) filed with the Securities and Exchange Commission on July 18,
  2007) </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>21</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT 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></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>23</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Consent of
  Independent Registered Public Accounting Firm</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>31.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Certification
  of Muriel F. Siebert pursuant to Securities Exchange Act Rules 13a-14 and
  15d-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
  (Previously filed)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>31.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Certification
  of Joseph M. Ramos, Jr. pursuant to Securities Exchange Act Rules 13a-14 and
  15d-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley act of 2002.
  (Previously filed)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>32.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Certification
  of Muriel F. Siebert of Periodic Financial Report under Section 906 of the
  Sarbanes-Oxley Act of 2002 (Previously filed)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>32.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Certification
  of Joseph M. Ramos, Jr. of Periodic Financial Report under Section 906 of the
  Sarbanes- Oxley Act of 2002 (Previously filed)</FONT></P>
  </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT  SIZE=2><B>SIGNATURES</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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  SIZE=2><B>SIEBERT FINANCIAL CORP.</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="40%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="54%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>By:</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>/s/ MURIEL
  F. SIEBERT</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Muriel F.
  Siebert</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Chair and
  President</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Date:</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>April 1,
  2008</FONT></P>
  </TD>
 </TR>
</table>
<BR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>2
<FILENAME>ex23.htm
<DESCRIPTION>EXHIBIT 23
<TEXT>
<HTML>

<HEAD><TITLE></TITLE></HEAD>
<BODY>



<P><FONT SIZE=2><B>EXHIBIT 23</B></FONT></P>

<P><FONT SIZE=2><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></FONT></P>

<P><FONT SIZE=2>We consent to
the incorporation by reference in the Registration Statements (Form S-8 No.
333-144680, No. 333-43837, No. 333-43839, No. 333-72939 and No. 333-102701, and
Form S-3, No. 333-81037) of Siebert Financial Corp. and in the related
prospectus of our report dated March 27, 2008 with respect to the consolidated
financial statements of Siebert Financial Corp. included in this Annual Report
on Form 10-K for the year ended December 31, 2007. We also consent to the
incorporation by reference of our report dated February 26, 2008 with respect
to the financial statements of Siebert, Brandford, Shank &amp; Co., L.L.C.
included in this Annual Report on Form 10-K.</FONT></P>

<P><FONT SIZE=2>/s/ Eisner LLP</FONT></P>

<P><FONT SIZE=2>New York, New York<BR>
March 27, 2008 </FONT></P>

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