                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13D

                    Under the Securities Exchange Act of 1934
                                (Amendment No. 8)

                   CONTINENTAL INFORMATION SYSTEMS CORPORATION
                                (Name of Issuer)

                           COMMON STOCK $.01 PAR VALUE
                         (Title of Class of Securities)

                                    211497102
                                 (CUSIP Number)

                              BRENDAN R. MARX, ESQ.
                             MCLAUGHLIN & STERN, LLP
         260 Madison Avenue, 18th Fl., N.Y., N.Y. 10016 / (212) 448-1100
       (Name, Address and Telephone Number of Person Authorized to Receive
                          Notices and Communications)

                                January 18, 2002
             (Date of Event which Requires Filing of this Statement)

If the filing person has previously  filed a statement of Schedule 13G to report
the  acquisition  which is the subject of the  Schedule  13D, and is filing this
schedule because of ss.ss.240.13d-1(e),  240.13d-1(f) or 240.13d-1(g), check the
following box [ ].

Note:  Schedules  filed in paper format shall include a signed original and five
copies of the Schedule,  including all exhibits.  See Rule 240.  13d-7 for other
parties to whom copies are to be sent.

*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for any  subsequent  amendment  containing  information  which  would  alter the
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).




<PAGE>


                                  SCHEDULE 13D


CUSIP No. 211497102                                            Page 2 of 5 Pages
          ---------                                            -----------------

- --------------------------------------------------------------------------------
1        NAME OF REPORTING PERSON: Oscar Gruss & Son Inc.

         I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only):

                               13-2913779
- --------------------------------------------------------------------------------
2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP             (a) [ ]
         (see instructions)
                                                                      (b) [x]
- --------------------------------------------------------------------------------
3        SEC USE ONLY

- --------------------------------------------------------------------------------
4        SOURCE OF FUNDS (see instructions)
                    PF
- --------------------------------------------------------------------------------
5        CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
         REQUIRED PURSUANT TO ITEMS 2(d) or 2(E)                          [ ]
- --------------------------------------------------------------------------------
6        CITIZENSHIP OR PLACE OF ORGANIZATION

                  New York
- --------------------------------------------------------------------------------
      NUMBER OF            7        SOLE VOTING POWER
        SHARES                      See Item 5
     BENEFICIALLY          -----------------------------------------------------
       OWNED BY            8        SHARED VOTING POWER
         EACH                       See Item 5
      REPORTING            -----------------------------------------------------
        PERSON             9        SOLE DISPOSITIVE POWER
         WITH                       See Item 5
                           -----------------------------------------------------
                          10        SHARED DISPOSITIVE POWER
                                    See Item 5
- --------------------------------------------------------------------------------
11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
                 See Item 5
- --------------------------------------------------------------------------------
12       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
         EXCLUDES CERTAIN SHARES (see instructions)                       [ ]
- --------------------------------------------------------------------------------
13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
                  See Item 5
- --------------------------------------------------------------------------------
14       TYPE OF REPORTING PERSON (see instructions)
                   BD & CO
- --------------------------------------------------------------------------------


<PAGE>


                                  SCHEDULE 13D


CUSIP No. 211497102                                            Page 3 of 5 Pages
          ---------                                            -----------------

- --------------------------------------------------------------------------------
1        NAME OF REPORTING PERSON: Michael Shaoul

         I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only):
                                 Not applicable
- --------------------------------------------------------------------------------
2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP           (a) [ ]
         (see instructions)                                         (b) [x]
- --------------------------------------------------------------------------------
3        SEC USE ONLY

- --------------------------------------------------------------------------------
4        SOURCE OF FUNDS (see instructions)
                      PF
- --------------------------------------------------------------------------------
5        CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
         REQUIRED PURSUANT TO ITEMS 2(d) or 2(E)                        [ ]
- --------------------------------------------------------------------------------
6        CITIZENSHIP OR PLACE OF ORGANIZATION
                  UNITED STATES
- --------------------------------------------------------------------------------
      NUMBER OF            7        SOLE VOTING POWER
        SHARES                      See Item 5
     BENEFICIALLY          -----------------------------------------------------
       OWNED BY            8        SHARED VOTING POWER
         EACH                       See Item 5
      REPORTING            -----------------------------------------------------
        PERSON             9        SOLE DISPOSITIVE POWER
         WITH                       See Item 5
                           -----------------------------------------------------
                          10        SHARED DISPOSITIVE POWER
                                    See Item 5
- --------------------------------------------------------------------------------
11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
                 See Item 5
- --------------------------------------------------------------------------------
12       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
         EXCLUDES CERTAIN SHARES (see instructions)                     [ ]
- --------------------------------------------------------------------------------
13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
                  See Item 5
- --------------------------------------------------------------------------------
14       TYPE OF REPORTING PERSON (see instructions)
                   IN
- --------------------------------------------------------------------------------

<PAGE>


                                  SCHEDULE 13D


CUSIP No. 211497102                                            Page 4 of 5 Pages
          ---------                                            -----------------

Item 2. Identity and Background

     Michael Shaoul is currently the President and a director and shareholder of
Oscar Gruss & Son Inc.  ("OGSI"),  whose  business and address are as previously
reported.

Item 3. Source and Amount of Funds or Other Consideration

     Subsequent  to  Amendment  No. 7 to the  Schedule  13D,  OGSI  purchased an
additional  39,863  shares  of the  issuer's  common  stock and  Michael  Shaoul
purchased an additional  18,500 shares of the issuer's common stock. All of such
shares were purchased in market  transactions  at market prices.  Neither of the
reporting persons borrowed funds in connection with such purchases.

Item 5. Interest in Securities of the Issuer

     The following  table sets forth the number of shares of the common stock of
the issuer which are  beneficially  owned by each reporting person and by all of
the reporting persons in the aggregate as a group,  together with the percentage
of such  common  stock  beneficially  owned  by each  reporting  person  and all
reporting persons in the aggregate as a group on the date hereof. Each reporting
person has sole power to vote and  dispose  of the shares of such  common  stock
which are owned by such reporting person.

                                 Number of Shares       Percentage of Common
Name                             Beneficially Owned     Stock Beneficially Owned
- ----                             ------------------     ------------------------
Oscar Gruss & Son Inc.                 571,368                   9.7%

Michael Shaoul                          33,500                   0.6%

All of the Reporting Persons
in the Aggregate as a Group
                                       604,868                  10.3%

Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to
        Securities of the Issuer

     The Joint  Filing  Agreement,  dated April 28,  1995,  among the  reporting
persons  identified  therein,  as amended by various addenda to the Joint Filing
Agreement on the part of the various  additional  reporting  persons  identified
therein,  has been terminated.  As a result,  each of the previously  identified
reporting persons is now responsible for making any required filings on his, her
or its part.

<PAGE>


                                  SCHEDULE 13D


CUSIP No. 211497102                                            Page 5 of 5 Pages
          ---------                                            -----------------

                                   SIGNATURES

     After reasonable  inquiry and to the best of my knowledge and belief,  each
of the undersigned certifies that the information set forth in this statement is
true and complete.

Dated: February 7, 2002


                                          Oscar Gruss & Son Incorporated


                                          By: /s/ Michael Shaoul
                                             ----------------------------------
                                                  Michael Shaoul, President


                                              /s/ Michael Shaoul
                                          -------------------------------------
                                                  Michael Shaoul




