UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
| Wells-Gardner Electronics Corporation |
| (Name of Issuer) |
| Common Stock, $0.001 par value |
| (Title of Class of Securities) |
| 949765101 |
| Cusip Number |
| Norman H. Pessin |
366 Madison Avenue, 14th Floor |
| New York, NY 10017 |
| 212-661-2670 |
| (Name, Address and Telephone Number of Person |
| Authorized to Receive Notices and Communications) |
| October 10, 2010 |
| (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. 240.13d-1(e), ss. 240.13d-1(f) or ss. 240.13d-1(g), check the following box o.
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See ss.240.13d-7(b) 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).
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CUSIP No. 949765101
Schedule 13D
| 1 | NAME OF REPORTING PERSON |
| S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON | |
| 1) SEP IRA FBO Norman H. Pessin XXX-XX-XXXX | |
| 2) Sandra F. Pessin XXX-XX-XXXX | |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
(a) T | |
(b) T | |
| 3 | SEC USE ONLY |
| 4 | SOURCE OF FUNDS |
| PF | |
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
| o | |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| United States |
| 7 | SOLE VOTING POWER | |
NUMBER | 1) 450,062 | |
| OF SHARES | 2) 60,682 | |
| BENEFICALLY | ||
| OWNED | ||
| BY EACH | 8 | SHARED VOTING POWER |
REPORTING | ||
| PERSON | ||
WITH | 9 | SOLE DISPOSITIVE POWER |
| 1) 450,062 | ||
2) 60,682 |
| 10 | SHARED DISPOSITIVE POWER |
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| 1) 450,062 | |
| 2) 60,682 | |
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* o |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| 1) 4.0% | |
| 2) 0.5% | |
| 14 | TYPE OF REPORTING PERSON* |
| IN |
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CUSIP No. 949765101
Schedule 13D
Item 1. Security and Issuer
This Schedule 13D relates to the common stock, $ par value (the "Common Stock"), of Wells-Gardner Electronics Corporation. (the "Issuer"),whose principal executive offices are located at 9500 West 55th Street, Suite A, McCook Illinois 60525
Item 2. Identity and Background
This Schedule 13D is being filed by SEP F/B/O Norman H. Pessin and for Sandra F. Pessin (each a “Reporting Person”). Certain information with respect to each Reporting Person is set forth below:
| Name and Address: | 1) Norman H. Pessin |
366 Madison Avenue, 14th Floor
New York, NY 10017
2) Sandra F. Pessin
366 Madison Avenue, 14th Floor
New York, NY 10017
| Principal Occupation: | 1) Retired |
2) Housewife
| Criminal convictions: | 1) None |
2) None
| Civil proceedings: | 1) None |
2) None
| Citizenship: | 1) United States |
2) United States
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CUSIP No. 949765101
Item 4. Purposes of the Transactions
The purpose of the acquisitions of securities is investment.
The Reporting Persons reserve the right to seek changes in the management of the issuer in the future or in its business. No such plans currently exist.
Item 5. Interest in Securities of the Issuer
SEP IRA F/B/O Norman H. Pessin owns 450,062 shares of common stock of the issuer, constituting 4.0% of the outstanding shares thereof. Sandra F. Pessin owns 60,682 shares which aggregate 0.5% of the shares thereof.
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CUSIP No. 949765101
Item 6. Contracts, Arrangements, Understandings or Relationships with respect to Securities of the Issuer
None.
Item 7. Material to Be Filed as Exhibits
None.
Signatures
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
| SEP IRA F/B/O Norman H.Pessin | |||
| By: | /s/ Norman H. Pessin | ||
| Norman H. Pessin | |||
| /s/ Sandra F. Pessin | |||
| Sandra F. Pessin | |||
October 10, 2010