<SEC-DOCUMENT>0001019056-17-000774.txt : 20171229
<SEC-HEADER>0001019056-17-000774.hdr.sgml : 20171229
<ACCEPTANCE-DATETIME>20171117172853
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001019056-17-000774
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20171117

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:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		120 WALL STREET
		STREET 2:		25TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		212-644-2400

	MAIL ADDRESS:	
		STREET 1:		120 WALL STREET
		STREET 2:		25TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MICHAELS J INC
		DATE OF NAME CHANGE:	19950221
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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: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <TD STYLE="width: 25%; text-align: left; vertical-align: middle">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>SCOTT
H. GOLDSTEIN&#9;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>MARTIN
H. KAPLAN</B></FONT><B><FONT STYLE="font-size: 10pt">&#9;&#9;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>LAWRENCE
G. NUSBAUM</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>andrew
wels</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Ryan
j. whalen</B></FONT></P>

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

</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>GUSRAE
        KAPLAN NUSBAUM PLLC</B></FONT><B><FONT STYLE="font: 10pt Garamond"> <FONT STYLE="text-transform: uppercase"></FONT></FONT></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>ATTORNEYS
        AT LAW</B></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; text-align: center"><FONT STYLE="font-size: 10pt"><B>120
        WALL STREET-25<SUP>TH</SUP> FLOOR</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>NEW
        YORK, NEW YORK 10005</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&mdash;&ndash;</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>TEL
        (212)269-1400</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>FAX
        (212)809-4147</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&mdash;&ndash;</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>81
        MAIN STREET-SUITE 215</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>WHITE
        PLAINS, NEW YORK 10601</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(914)644-8323</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&mdash;&ndash;</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>www.gusraekaplan.com&nbsp;</B></FONT></P></td>
    <TD STYLE="width: 25%; text-align: center; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>OF
COUNSEL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>&#9;&#9;
<FONT STYLE="font-variant: small-caps">ROBERT L. BLESSEY</FONT></B></FONT></P>
&nbsp;</TD></tr>
</table>
<P STYLE="margin: 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt">October
6, 2017</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B><U>Via EDGAR</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">Division of Corporate Finance</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">Office of Financial Services</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">100 F Street, N.E.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">Washington, D.C. 20549-4631</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">Attention: Michael Clampitt and Jessica
Livingston</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">Re: &#9; &nbsp;&nbsp;&nbsp;&nbsp;Siebert Financial Corp.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">Form PRE14C</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">Filed September 11,
2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white"><U>File No. 000-05703</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">Dear Ms. Livingston and Mr. Clampitt:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">We
are writing this letter on behalf of our client and the registrant Siebert Financial Corp. (the &ldquo;<B><U>Registrant</U></B>&rdquo;),
responding to the comment letter (the &ldquo;<B><U>Comment Letter</U></B>&rdquo;) of the staff (the &ldquo;<B><U>Staff</U></B>&rdquo;)
of the Division of Corporation Finance of the Securities and Exchange Commission (the &ldquo;<B><U>Commission</U></B>&rdquo;) dated
September 28, 2017, to the Registrant, with respect to the Information Statement Pursuant to Section 14(c) filed on Schedule 14C
(the &ldquo;<B><U>Original Information Statement</U></B>&rdquo;) filed by the Registrant with the Commission on September 11, 2017.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">In
connection herewith, we are filing a Revised Information Statement Pursuant to Section 14(c) filed on Schedule 14C (the &ldquo;<B><U>Revised
Information Statement</U></B>&rdquo;) which revises the Original Information Statement and which reflects the Registrant&rsquo;s
responses to the Staff&rsquo;s comments set forth in the Comment Letter. Capitalized terms used herein and not defined shall have
the meaning given to such terms in the Revised Information Statement.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">For
convenience of reference, the Staff&rsquo;s comments contained in the Comment Letter are reprinted below in bold, and are followed
by the corresponding response.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify; background-color: white"><B>Please revise
your information statement to include Item 14 of Schedule 14A disclosures pursuant to Item 1 of Schedule 14C. This new disclosure
should include the disclosures required by Item 14(b) and 14(c)(2). In this regard, specifically disclose the material terms of
the Asset Purchase Agreement (including the potential for assuming liabilities and cancellation of common stock issued), a discussion
of the background of the transaction and how the price was negotiated and determined, what safeguards might have been taken in
light of both parties having a common controlling stockholder, a discussion of the fairness opinion pursuant to Item 14(b)(6) of
Schedule 14A and Item 1015 of Regulation M-A and financial disclosures pursuant to Item 14 (b)(8),(9) and (11). Additionally include
the Fairness Opinion and the Asset Purchase Agreement in the revised filing. See also Instructions 5 and 7(a)(3) to Item 14.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1in 0 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Registrant has included
in the Revised Information Statement (i) disclosure about the Asset Purchase Agreement (including the potential for assuming liabilities
and cancellation of common stock issued), (ii) a discussion of the background of the transaction and how the price was negotiated
and determined, (iii) what safeguards might have been taken in light of both parties having a common controlling stockholder, (iv)
a discussion of the fairness opinion pursuant to Item 14(b)(6) of Schedule 14A and Item 1015 of Regulation M-A, (v) financial disclosures
pursuant to Item 14 (b)(11) and (vi) the certain of the disclosure required by Item 14(c)(2).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Registrant believes
that certain information required by Item 14(c)(2) of Schedule 14A (the information required by Part C of Form S-4), is not material
and/or applicable and is not included in the Revised Information Statement. The Registrant determined that because the Target Business
did not meet the eligibility requirements of Form S-3, principally because neither the Target Business nor StockCross is or has
ever been a public company, the information required by Item 14(c)(2) of Schedule 14A is set forth in Item 17(b) of Form S-4 (&ldquo;<B><U>Item
17(b)</U></B>&rdquo;). Based upon a review of Item 17(b), the Registrant determined that the information required by Item 17(b)(2),
(3), (4), (9) and (10) is not material and/or applicable to the Target Business and has not included such information in the Revised
Information Statement.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Registrant has included
a copy of the Asset Purchase Agreement in the Revised Information Statement as Annex A.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Registrant determined
that the financial disclosures pursuant to Item 14(b)(8) and (9) of Schedule 14A are not required due to Target Business likely
qualifying as a smaller reporting company, in accordance with Item 301(b) of Regulation S-K. Additionally, as previously discussed
with the Staff, the Registrant has determined that in accordance with Schedule 14C and Item 1015 of Regulation M-A, the Registrant
is not required to include a copy of the Fairness Opinion and Valuation Report in the Revised Information Statement. The Registrant
furnished a statement in the Revised Information Statement to the effect that the Registrant will make the Fairness Opinion and
Valuation Report available for inspection and copying in accordance with Item 1015(c) of Regulation M-A.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white">If
the Staff has any questions or comments please contact me or in my absence Martin H. Kaplan directly at 212-269-1400.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

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        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 22.95pt 0 0">Very truly yours,</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 22.95pt 0 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 22.95pt 0 0">/s/ Bryan S. Dixon</P></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white">cc: Andrew Reich, Executive Vice
President</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>



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