<SEC-DOCUMENT>0001019056-17-000429.txt : 20170508
<SEC-HEADER>0001019056-17-000429.hdr.sgml : 20170508
<ACCEPTANCE-DATETIME>20170508144349
ACCESSION NUMBER:		0001019056-17-000429
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170503
ITEM INFORMATION:		Changes in Registrant's Certifying Accountant
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170508
DATE AS OF CHANGE:		20170508

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05703
		FILM NUMBER:		17821762

	BUSINESS ADDRESS:	
		STREET 1:		120 WALL STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		212-644-2400

	MAIL ADDRESS:	
		STREET 1:		120 WALL STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MICHAELS J INC
		DATE OF NAME CHANGE:	19950221
</SEC-HEADER>
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<DESCRIPTION>FORM 8-K
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font-size: 12pt">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>FORM 8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">CURRENT REPORT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Pursuant to Section
13 or 15(d) of the</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font-size: 10pt">Securities
Exchange Act of 1934</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Date of Report
(Date of earliest event reported): May 3, 2017</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 24pt"><B>SIEBERT FINANCIAL
CORP.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">(Exact name of
registrant as specified in its charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>New
    York</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>0-5703</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>11-1796714</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 1.8pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(State
    or other jurisdiction<BR>
    of incorporation)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif">(Commission
File Number)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(IRS
    Employer Identification Number)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 1.8pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding-right: 1.8pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>120
    Wall Street, New York, New York</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>10005</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding-right: 1.8pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(Address
    of principal executive offices)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Zip
    Code)</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Registrant&rsquo;s
telephone number, including area code: &nbsp;&nbsp;&nbsp;&nbsp;<B>(212) 644-2400</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">(Former name
or former address, if changed since last report.)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Wingdings">o</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9;Written
communications pursuant to Rule 425 under the Securities Act </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Wingdings">o</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Wingdings">o</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Wingdings">o</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Item 8.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Events.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">On May 8, 2017,
Siebert Financial Corp. (the &ldquo;Company), issued a press release announcing that the Company and its wholly owned subsidiary
Muriel Siebert &amp; Co., Inc. (&ldquo;MSCO&rdquo;) had entered into a non-binding letter of intent dated May 3, 2017 (the &ldquo;LOI&rdquo;)
with StockCross Financial Services, Inc., a registered broker-dealer (&ldquo;StockCross&rdquo;) which contemplates the Company
and MSCO acquiring (the &ldquo;Acquisition&rdquo;) certain retail broker-dealer assets of StockCross (the &ldquo;Assets&rdquo;).
StockCross is a self-clearing discount broker dealer that has many business lines that are similar to MSCO&rsquo;s. A copy of
the press release is attached hereto as Exhibit 99.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The value of
the Assets is currently estimated to be approximately $20 million. The Company has engaged Manorhaven Capital, LLC (&ldquo;Manorhaven&rdquo;),
a registered broker-dealer, to provide a fairness opinion regarding the value of the Assets. Manorhaven is under common control
with the Company&rsquo;s counsel Gusrae Kaplan Nusbaum PLLC who represents all the parties to the LOI. The Company intends to
issue StockCross shares of its restricted common stock as consideration for the Assets. The number of shares of common stock issuable
to StockCross will be determined based upon the average closing price of the common stock during the 15 day period prior to the
date of the LOI. The shares of common stock issued to StockCross as consideration for the Assets will be restricted for a period
of 2 years following the date of issuance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Acquisition
will be subject to the terms and conditions of a definitive asset purchase agreement by and among the Company, MSCO and StockCross
to be negotiated by the parties (the &ldquo;Definitive Agreement&rdquo;). The Company currently anticipates that the Definitive
Agreement will be executed, and that the closing of the Acquisition will be completed, in 2017. The Company&rsquo;s expectations
are subject to change, however, based on the parties&rsquo; ongoing discussions, changing business conditions and other future
events and uncertainties. Consummation of the Acquisition will be subject to certain customary conditions to closing, including
any required regulatory approvals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Gloria E. Gebbia,
a member of the Company&rsquo;s board of directors and the managing member of the Company&rsquo;s majority shareholder along with
other members of the Gebbia family, control StockCross.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Forward-Looking
Statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">This Current
Report on Form 8-K contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements typically are identified by use of terms such as &ldquo;may,&rdquo; &ldquo;project,&rdquo;
&ldquo;should,&rdquo; &ldquo;plan,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate&rdquo;
and similar words. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise. The Company&rsquo;s actual results could differ
materially from those contained in forward-looking statements due to a number of factors, including the statements under &ldquo;Risk
Factors&rdquo; found in the Company&rsquo;s Annual Reports on Form 10-K&rsquo;s and its Quarterly Reports on Form 10-Q&rsquo;s
on file with the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements
and Exhibits</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">The following exhibit is attached
to this Form 8-K:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Exhibit No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font-size: 10pt">99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press
release dated May 8, 2017</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">SIGNATURES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Dated: May 8, 2017</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">By:</FONT>&nbsp;</TD>
    <TD STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Andrew H. Reich</FONT></TD>
    <TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Andrew H. Reich</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Executive Vice President, Chief Operating Officer,<BR>
 Chief Financial
    Officer and Secretary</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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<TYPE>EX-99.1
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<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-size: 10pt">Exhibit 99.1</FONT></P>

<P STYLE="margin: 0; text-align: right">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;<IMG SRC="siebert001_v1.jpg" ALT="(Siebert Logo)"></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center; text-indent: 17.3pt">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>SIEBERT FINANCIAL CORP. EXECUTES LETTER OF INTENT WITH
STOCKCROSS FINANCIAL SERVICES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">New York, NY&mdash;May 8, 2017&mdash;<U>Siebert Financial
Corp. (NASDAQ: SIEB)</U> today announced the execution of a non-binding letter of intent with its affiliate, StockCross Financial
Services, Inc., to acquire approximately $4 billion in customer assets of its retail securities business and the transfer of its
seasoned, experienced nationwide sales force. Upon completion of the transaction, Siebert Financial will increase its total customer
assets to over $11 billion with 11 retail branches nationwide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Gloria E. Gebbia, majority shareholder and board member of
Siebert Financial said, &ldquo;The addition of these financial and other assets from StockCross demonstrate our commitment to growth
and allow our firm to continue its revamping for the realization of certain economies of scale, with the aim of increasing revenue,
reducing costs and being profitable.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Siebert Financial&rsquo;s principal activity is providing
online and traditional discount brokerage and related services to retail investors through Muriel Siebert &amp; Co., Inc., its
broker-dealer, and as a registered investment advisor through its Siebert Investment Advisors business unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Gloria Gebbia added, &ldquo;The addition of these key
assets will broaden our efforts at Siebert Financial to serve our client financial needs nationally, while engaging our
relationships more deeply to help both new and existing clients meet their wealth management objectives.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Gloria Gebbia and her family are the majority owners of StockCross,
a broker-dealer member of FINRA with offices across the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Under the terms of the LOI, the transaction is subject to
satisfying regulatory requirements as a closing condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Under the proposed arrangement, Siebert Financial will exchange a number
of its common shares as determined by an outside party, Manorhaven Capital, LLC, according to a fairness opinion. The shares to
be issued for the purchase will be dilutive to all shareholders, including the current majority shareholders, who own 92% of Siebert
Financial stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">The transaction, which is slated to close in the second half
of 2017, is subject to regulatory approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt">The StockCross sales force includes approximately 40 registered
representatives and support staff located in branch offices in Beverly Hills, CA; Calabasas, CA; Seal Beach, CA; Philadelphia,
PA; Dallas, TX and Houston, TX.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">The Gebbia family has been successfully involved with
financial services companies since the early 1970&rsquo;s and during such time they built a broker-dealer into a national
brand, which they sold to Toronto Dominion Bank in 1997. Gloria Gebbia is also the President of the Associates for Breast and
Prostate Cancer Studies which raises funds for the John Wayne Cancer Institute. Through Gloria Gebbia&rsquo;s leadership
since 1998 over $15 million has been raised for cancer research studies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; text-align: center; margin-bottom: 0">#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;# &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;#</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><B>About Siebert Financial Corp.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Siebert Financial is a holding company that conducts its
retail discount brokerage business through its wholly-owned subsidiary, Muriel Siebert &amp; Co., Inc. The firm became a member
of the NYSE in 1967, when Ms. Siebert became the first woman to own a seat on the Exchange. In addition, in 2014 the Company began
business as a registered investment advisor through a wholly-owned subsidiary, Siebert Investment Advisors, Inc. Siebert Financial
is based in New York City with additional retail branches in Boca Raton, FL and Jersey City, NJ. <U>www.siebertnet.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; text-align: center; margin-bottom: 0">#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;# &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;#</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><B>Cautionary note regarding forward-looking statements</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt">Statements in this press release that are not
statements of historical or current fact constitute &ldquo;forward looking statements&rdquo; within the meaning of the
Private Securities Litigation Reform Act of 1995. Such forward looking statements involve risks and uncertainties and known
and unknown factors that could cause the actual results of the Siebert Financial Corp. (the &ldquo;Company&rdquo;) to be
materially different from historical results or from any future results expressed or implied by such forward looking
statements, including without limitation: changes in general economic and market conditions; changes and prospects for
changes in interest rates; fluctuations in volume and prices of securities; changes in demand for brokerage services;
competition within and without the brokerage business, including the offer of broader services; competition from electronic
discount brokerage firms offering greater discounts on commissions than the Company; the prevalence of a flat fee
environment; limited trading opportunities; the method of placing trades by the Company&rsquo;s customers; computer and
telephone system failures; the level of spending by the Company on advertising and promotion; trading errors and the
possibility of losses from customer non-payment of amounts due; other increases in expenses and changes in net capital or
other regulatory requirements. As a result of these and other factors, the Company may experience material fluctuations in
its operating results on a quarterly or annual basis, which could materially and adversely affect its business, financial
condition, operating results, and stock price, as well as other risks detailed in the Company&rsquo;s filings with the
Securities and Exchange Commission (&ldquo;SEC&rdquo;). Accordingly, investors are cautioned not to place undue reliance on
any such &ldquo;forward-looking statements.&rdquo; The Company undertakes no obligation to update the information contained
herein or to publicly announce the result of any revisions to such &ldquo;forward-looking statements&rdquo; to reflect future
events or developments. An investment in the Company involves various risks, including those mentioned above and those, which
are detailed from time to time in the Company&rsquo;s SEC filings, copies of which may be obtained from the Company or
through the SEC&rsquo;s website.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><B>Notice to Investors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">This communication is provided for informational purposes
only and is neither an offer to sell nor a solicitation of an offer to buy any securities in the United States or elsewhere.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><B>FOR: </B>&nbsp;</TD>
    <TD NOWRAP STYLE="width: 99%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><B>SIEBERT FINANCIAL CORP.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">120 Wall Street 25th Floor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">New York, NY 10005</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><B>Investors Please Contact:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Siebert Financial Corp.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Office of the Administrator</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Tel: 212-644-2435</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><B>Media Please Contact:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Laura Hynes-Keller</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">LHK Communications LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">1500 Broadway, Ste. 505, New York, NY 10036</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Tel: 212-758-8602 E: laurahk@lhkcommunications.com</TD></TR>
</TABLE>

    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>

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