First Montauk Settlement Agreement Vacated and Set Aside
May 23, 2007 — Red Bank, NJ — First Montauk Financial Corp. (OTCBB: FMFK) announced today that in response to its motion in the New Jersey Superior Court to vacate the settlement agreement executed by the parties on May 8, 2007 with Edward H. Okun and his affiliated companies, Okun agreed to a consent order vacating and setting aside the settlement agreement. The settlement agreement covered three separate lawsuits arising out of the termination of a merger agreement by Mr. Okun through an affiliated company in December 2006 and contained various provisions including the release of $2,000,000 held in escrow to secure Okun’s obligations under the merger agreement, the appointment of four new board members by Okun, and the appointment of Okun’s designee as new CEO of the Company. In addition, Okun agreed to issue a $1.00 Put Option to First Montauk shareholders and to invest additional monies into First Montauk at a later date.
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First Montauk Announces Settlement and Return of Preferred and Common Stock
June 15, 2007 — Red Bank, NJ — First Montauk Financial Corp. (OTCBB: FMFK) announced today that it reached an agreement with Edward H. Okun and his affiliated companies to settle four separate lawsuits arising out of the termination of a merger agreement by Mr. Okun through an affiliated company in December 2006. Under the settlement, the parties have exchanged general releases and the Okun affiliates have surrendered for cancellation 197,824 shares of Series B Preferred Stock, 283,087 shares of Series A Preferred Stock and 5,272,305 shares of Common Stock. The settlement reduces the outstanding common stock of First Montauk by 37%, on an as converted basis, and immediately reduces Okun’s interest in First Montauk to below 25% of the remaining outstanding shares of Common Stock.
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First Montauk Moves to Vacate Settlement with Edward H. Okun and Affiliates; Cites Criminal Investigation of Okun Holdings and Bankruptcy Filing of Okun’s 1031 Tax Group
Red Bank, NJ — May 18, 2007 — First Montauk Financial Corp. (OTCBB: FMFK) announced today that it moved in New Jersey State Court to vacate the settlement agreement with Edward H. Okun and his affiliated companies covering three separate lawsuits arising out of the termination of a merger agreement by Mr. Okun through an affiliated company in December 2006.  The Montauk board of directors authorized the action after learning of the federal criminal investigation into the transfer of over $100 million of customer funds entrusted to Okun’s wholly-owned “1031” exchange company, The 1031 Tax Group, LLC, to another Okun affiliate.  According to publicly filed documents, the money was originally deposited by customers and was to be held on a short-term basis pending reinvestment of the funds.  Okun and his affiliates ‘borrowed” the funds, leaving The 1031 Tax Group without the capital necessary to satisfy customer withdrawal requests, and forcing Okun to file for bankruptcy protection for 16 of his affiliated companies.
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First Montauk Announces Settlement with Edward H. Okun and Affiliates Providing for $1.00 Put Option to Shareholders and Management Changes
Red Bank, NJ — May 9, 2007 — First Montauk Financial Corp. (OTCBB: FMFK) announced today that it had reached an agreement with Edward H. Okun and his affiliated companies to settle three separate lawsuits arising out of the termination of a merger agreement by Mr. Okun through an affiliated company in December 2006. Under the settlement, Louis J. Rogers, formerly of Triple Net Properties LLC, will become the Chief Executive Officer of First Montauk Financial Corp. and a director of the company. Victor K. Kurylak, First Montauk’s current Chief Executive Officer, will remain as President of First Montauk Financial Corp. and also as President and Chief Executive Officer of First Montauk Securities Corp., the broker-dealer subsidiary of First Montauk. In addition, Mr. Okun, through affiliates, has agreed to invest an additional $2,000,000 in First Montauk through the purchase of preferred stock or convertible debt directly from First Montauk within 90 days after approval of this settlement by the Federal District Court.
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Montauk Financial Group Achieves Mutual Fund “Nirvana” Via Fetter Logic’s Quadron™ Product
Denver, CO – April 10, 2007 – As one of the first users of Quadron, Montauk Financial Group (FMFK.OB) (www.montaukfinancial.com) continues its commitment to provide its national network of advisors with the most advanced and sophisticated wealth management technologies available today.
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First Montauk Appoints Celeste Leonard To The Board Of Directors
Red Bank, NJ – February 26, 2007 – First Montauk Financial Corp. (OTC/BB: FMFK), a nationwide provider of investment services through independent financial professionals, today announced the appointment of Celeste Leonard as a director to the Company’s Board of Directors. Ms. Leonard has been Chief Compliance Officer of First Montauk Securities Corp., the Company’s principal subsidiary, since August 2006. Ms. Leonard fills the remaining Class I vacancy on the Board created by the resignations of the Company’s founders in November 2006.
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First Montauk Financial Corp. Sues Edward Okun and Affiliates for Breach of Merger Agreement
Red Bank, NJ — January 11, 2007 - First Montauk Financial Corp. (OTCBB: FMFK) announced that it has filed a lawsuit in New Jersey Superior Court, Monmouth County, against Edward H. Okun, a real estate entrepreneur based in Miami, Florida, Investment Properties of America LLC (IPofA), his principal operating company which is headquartered in Richmond, Virginia, and several affiliated entities that he controls, for their breach of the merger agreement between First Montauk and two Okun affiliated corporate entities. The lawsuit alleges, among other things, that the Okun Defendants breached the merger agreement by terminating the agreement on December 29, 2006 without cause or justification.
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IPofA Affiliates Terminate Merger Agreement With First Montauk
Red Bank, NJ – December 29, 2006 – First Montauk Financial Corp. (OTC/BB: FMFK), a nationwide provider of investment services through independent financial professionals, announced today that it has received notification from representatives of FMFG Ownership, Inc. and FMFG AcquisitionCo, Inc., affiliates of Investment Properties of America, LLC (collectively referred to as “IPofA”), that IPofA is terminating the merger agreement with First Montauk Financial Corp.
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First Montauk Announces IPofA Reconsiders Merger
Red Bank, NJ – December 21, 2006 – First Montauk Financial Corp. (OTC/BB: FMFK), a nationwide provider of investment services through independent financial professionals, announced today a delay in the proposed acquisition of the company by Investment Properties of America, LLC (IPofA).
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Two New Executives To Join Montauk Financial Group's Management Team
Red Bank, NJ – August 17, 2006 – First Montauk Financial Corp. (OTC/BB: FMFK), a nationwide provider of investment services through independent financial professionals, today announced the hiring of two new management team members for its wholly owned subsidiary, Montauk Financial Group. Phillip P. D’Ambrisi and Celeste M. Leonard have accepted offers to join the firm as Executive Vice President and Chief Operating Officer and Executive Vice President and Chief Compliance Officer, respectively. In addition, Mr. D’Ambrisi and Ms. Leonard will join the Board of Directors of First Montauk Securities Corp.
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First Montauk Financial Corp. Shareholders Approve Merger
Red Bank, NJ — August 17, 2006 — First Montauk Financial Corp. (OTCBB: FMFK) announced that shareholders representing 98.2% of the shares voting at today’s special meeting approved the proposed merger with an affiliate of Investment Properties of America, LLC, a privately owned, diversified real estate investment and management company. Upon the completion of the transaction, each holder of First Montauk common stock will be entitled to receive $1.00 per share in cash.
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First Montauk Financial Corp. Announces Net Income For Second Quarter Ended June 30, 2006
Red Bank, NJ – August 14, 2006 – First Montauk Financial Corp. (OTC/BB: FMFK), a nationwide provider of investment services through independent financial professionals, today announced that the Company had net income applicable to common stockholders for the quarter ended June 30, 2006 of $1.0 million, or $.06 and $.05 per basic and diluted share, respectively, compared to net income applicable to common stockholders of $4.0 million, or $.28 and $.20 per basic and diluted share, respectively, for the quarter ended June 30, 2005.
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First Montauk Financial Corp. Signs Definitive Merger Agreement
Red Bank, NJ — May 8, 2006 — First Montauk Financial Corp. (OTCBB: FMFK) announced today that it has entered into a definitive merger agreement with an affiliate of Investment Properties of America, LLC (IPofA), a privately owned, diversified real estate investment and management company. Pursuant to the merger agreement, each holder of First Montauk common stock will receive $1.00 pershare in cash, each holder of First Montauk Series A Preferred Stock, which is convertible into two sharesof common stock, will be entitled to receive $2.00 per Series Ashare in cash, and each holder of FirstMontauk Series B Preferred Stock, which is convertible into ten shares of common stock, will be entitledto receive $10.00 per Series B share in cash.
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First Montauk Announces Revenue and Earnings For 2005
Red Bank, NJ – March 21, 2006 – First Montauk Financial Corp. (OTC/BB: FMFK), a nationwide provider of investment services through independent financial professionals, today announced revenue and earnings for the year ended December 31, 2005.
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First Montauk Financial Corp. Enters Into Letter Of Intent To Be Acquired By A Private Investor
Red Bank, NJ — March 13, 2006 — First Montauk Financial Corp. (OTCBB: FMFK) announced today that it has entered into a letter of intent for the sale of First Montauk to a private investor. The final terms of the sale are subject to further negotiation but it is anticipated that the transaction will be all cash at approximately $1.00 per common share.
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First Montauk Financial Corp. Announces Expansion of Board of Directors and Establishment of New Board Committee
Red Bank, N.J — February 24, 2006 — First Montauk Financial Corp. (FMFK.OB), a nationwide provider of investment services through independent financial professionals, today announced that it has appointed Mr. David I. Portman as an independent member of its board of directors. Mr. Portman was appointed to serve as a Class III director to fill a vacancy in that class. Mr. Portman previously served as a member of the board of directors of First Montauk from June 1993 through December 2002. In addition to serving on its board, First Montauk also announced that Mr. Portman will serve on its Audit Committee and Compensation Committee.
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First Montauk Enters Into Seperation Agreement With Chairman Of The Board
Red Bank, NJ – February 1, 2006 – First Montauk Financial Corp. (OTC/BB: FMFK), a nationwide provider of investment services through independent financial professionals, today announced that it has entered into a separation agreement with Herbert Kurinsky, the Company’s chairman.
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First Montauk Announces Third Quarter and Nine Month Results For Fiscal 2005
Red Bank, NJ – November 15, 2005 – First Montauk Financial Corp. (OTC/BB: FMFK), a nationwide provider of investment services through independent financial professionals, today announced financial results for the third quarter and nine months ended September 30, 2005.
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First Montauk Announces Second Quarter and Six Month Earnings For 2005
Red Bank, NJ – August 3, 2005 – First Montauk Financial Corp. (OTC/BB: FMFK), a nationwide provider of investment services through independent financial professionals, today announced financial results for the second quarter and six months ended June 30, 2005.
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First Montauk Financial Corp. and Olympic Cascade Financial Corporation Execute Revised Merger Agreement
Red Bank, NJ and New York, NY — June 28, 2005 — First Montauk Financial Corp. (OTCBB: FMFK) and Olympic Cascade Financial Corporation (OTCBB: OLYD) announced today that they have signed an amended definitive merger agreement consistent with the revised terms that were previously announced in May 2005. Pursuant to the amended agreement, First Montauk will issue 1.75 shares of its common stock for all outstanding shares of common stock of Olympic Cascade. Outstanding Series A Preferred Stock, options and warrants of Olympic Cascade will also reflect the new exchange ratio.
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First Montauk Announces First Quarter Results
Red Bank, NJ – May 16, 2005 - First Montauk Financial Corp. (OTC/BB: FMFK), a nationwide provider of investment services through independent financial professionals, today announced financial results for the first quarter ended March 31, 2005.
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First Montauk Financial Corp. and Olympic Cascade Financial Corporation Agree to Revise Merger Terms
Red Bank, NJ and New York, NY — May 11, 2005 — First Montauk Financial Corp. (OTCBB: FMFK) and Olympic Cascade Financial Corporation (OTCBB: OLYD) announced today that they have agreed to amend the terms and conditions of their Merger Agreement entered into as of February 10, 2005. Under the revised terms, First Montauk will issue shares of its common stock for all outstanding shares of common stock of Olympic Cascade. For each outstanding share of Olympic Cascade’s stock owned, the shareholder will receive 1.75 shares of First Montauk’s common stock.
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First Montauk Announces A Return To Profitibility In 2004
Red Bank, NJ – March 11, 2005 – First Montauk Financial Corp. (OTC/BB: FMFK), a nationwide provider of investment services through independent financial professionals, today announced earnings marked by a return to profitability for the fiscal year ended December 31, 2004.
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Olympic Cascade Financial Corporation and First Montauk Financial Corp. Agree To Merge
New York, New York, and Red Bank, New Jersey, February 10, 2005--Olympic Cascade Financial Corporation (OTCBB: OLYD) and First Montauk Financial Corp. (OTCBB: FMFK) announced today they have signed a definitive merger agreement.
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Victor K. Kurylak Is Appointed Chief Executive Officer First Montauk Financial Corp.
Red Bank, NJ – February 9, 2005 – First Montauk Financial Corp. (OTC/BB: FMFK), a nationwide provider of investment services through independent financial professionals, today announced the appointment of Victor K. Kurylak as Chief Executive Officer, succeeding William J. Kurinsky. In addition to his position as CEO, Mr. Kurylak will remain the Company’s President and COO.
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First Montauk and Olympic Cascade Enter into Letter of Intent to Merge
Red Bank, NJ – October 12, 2004 - First Montauk Financial Corp. (OTC/BB: FMFK) and Olympic Cascade Financial Corporation (AMEX: OLY) announced today that they have agreed to a preliminary letter of intent for a merger or other similar combination of the two companies. The final terms of the merger have not been reached and merger discussions are continuing.
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Montauk Financial Group to Host “Montauk Masters” Broker Forum
Red Bank, NJ – April 12, 2004 – Montauk Financial Group, a leading independent broker/dealer, today announced that they will be hosting their 3rd annual Montauk Masters educational venue. The event will be held at the Molly Pitcher Inn in Red Bank, NJ, May 5th, 6th and 7th. This year’s conference, Building Wealth through Opportunity, promises to deliver the intellectual capital and state-of-the-art tools that will enable Montauk’s independent affiliates to reach even higher levels of proficiency and productivity.
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First Montauk Appoints New President And Chief Operating Officer
Red Bank, NJ – December 15, 2003 – First Montauk Financial Corp. (OTC/BB: FMFK), a nationwide provider of investment services through independent financial professionals, today announced the appointment of Victor K. Kurylak as President and Chief Operating Officer.
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