UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): January 5, 2007
FIRST MONTAUK FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER: 0-6729
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NEW JERSEY 22-1737915
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(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
Parkway 109 Office Center
328 Newman Springs Road
Red Bank, NJ 07701
(Address and zip code of principal executive offices)
(732) 842-4700
(Registrant's telephone number, including area code)
CHECK THE APPROPRIATE BOX BELOW IF THE FORM 8-K FILING IS INTENDED TO
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FOLLOWING PROVISIONS:
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Principal Officers; Election of
Directors; Appointment of Principal Officers
(d)
On January 5, 2007, First Montauk Financial Corp. ("First
Montauk" or "Registrant") appointed Mr. Phillip D'Ambrisi
to its board of directors to serve as a Class I director.
Since November 9, 2006 there have been two vacancies in the
Class I directorships. In addition, Mr. D'Ambrisi was
appointed Chief Operating Officer of First Montauk. Since
August 2006, Mr. D'Ambrisi has been the Chief Operating
Officer of First Montauk Securities Corp. ("FMSC"), the
Registrant's principal subsidiary. Mr. D'Ambrisi will
continue to serve as Chief Operating Officer of FSMC in
addition to the appointments disclosed in this Form 8-K.
Mr. D'Ambrisi, age 49, has over 25 years of management
experience in the financial services industry. Most recently,
he served as Senior Vice President and Chief Operating Officer
of Horner, Townsend & Kent, Inc., a subsidiary of The Penn
Mutual Life Insurance Company. Previously, from 1989 to 2004,
Mr. D'Ambrisi was employed by MONY Securities Corporation, a
subsidiary of The MONY Group, initially as a Senior Vice
President and Chief Operating Officer from 1989 to 1999 and
then as the President and Chief Executive Officer from 1999 to
2004. He has also worked in various management positions at
Mutual of New York, Securities Settlement Corporation and Dean
Witter Reynolds, Inc. Mr. D'Ambrisi is a graduate of
Rutgers University and holds NASD Series 7, 63 and 24 licenses.
First Montauk and Mr. D'Ambrisi have not executed a formal
written employment agreement. The terms of his employment are
as follows: Mr. D'Ambrisi is being paid an annual salary of
$250,000 which is being paid to him through December 31, 2007.
For the period January 1, 2008 through December 31, 2008, he
will be paid an annual salary of $275,000. Mr. D'Ambrisi will
also be eligible for customary fringe benefits and
participation in First Montauk's executive bonus pool as
follows: For 2006, the annual bonus will be $200,000 payable in
two installments - $100,000 on October 1, 2006 and $100,000 on
or before January 15, 2007. For 2007 and 2008, respectively,
the annual bonus will be the greater of $100,000 or 5% of net
profits of the Registrant.
Item 9.01 Financial Statements and Exhibits
(c) Exhibits
The following exhibit is filed or furnished herewith:
99.1 Press Release dated January 5, 2007
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report on Form 8-K to be signed on its
behalf by the undersigned hereunto duly authorized.
FIRST MONTAUK FINANCIAL CORP.
By: /s/ Victor K. Kurylak
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Name: Victor K. Kurylak
Title: Chief Executive Officer
Date: January 8, 2007
EXHIBIT INDEX
Exhibit Description
Number
99.1 Press Release dated January 5, 2007