Exhibit 99.1

                                [GRAPHIC OMITTED]

         FIRST MONTAUK APPOINTS NEW DIRECTOR AND CHIEF OPERATING OFFICER

Red Bank, NJ - January 5, 2007 - First Montauk Financial Corp.  (OTC/BB:  FMFK),
a nationwide  provider of investment  services  through  independent  financial
professionals,  today  announced the appointment of Phillip P. D'Ambrisi to the
Company's  Board of Directors as well as his  appointment  as Chief  Operating
Officer of the  Company.  Mr.  D'Ambrisi  has been Chief  Operating  Officer of
First  Montauk  Securities Corp., the Company's principal  subsidiary,
since August,  2006. Mr. D'Ambrisi fills one of the vacancies on the Board
created by the resignations of Herbert Kurinsky and William J. Kurinsky in
November 2006.

"We are extremely pleased that Phil has agreed to serve on the Company's Board
of Directors. He is a seasoned executive who has brought a wealth of industry
experience to our management team and is a welcome addition to the Board,"
commented Victor K. Kurylak, President and Chief Executive Officer.

Mr. D'Ambrisi, 49, has over twenty-five 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.

Montauk Financial Group is a service mark of First Montauk Securities Corp.,
Member NASD/SIPC. First Montauk Financial Corp. is the parent company of First
Montauk Securities Corp., a registered securities broker/dealer headquartered in
Red Bank, NJ. Additional information is available at the Company's website at
www.montaukfinancial.com.

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for
forward-looking statements. This press release may contain certain statements of
a forward-looking nature relating to future events or future business
performance. Any such statements that refer to the Company's estimated or
anticipated future results or other non-historical facts are forward-looking and
reflect the Company's current perspective of existing trends and information.
These statements involve risks and uncertainties that cannot be predicted or
quantified and, consequently, actual results may differ materially from those
expressed or implied by such forward-looking statements. Such risks and
uncertainties include, among others, risks and uncertainties detailed in each
Company's Securities and Exchange Commission filings, including each Company's
Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. The
forward-looking statements speak only as of the date of this release. Each of
the Companies undertake no obligation to update publicly any forward-looking
statement, whether as a result of new information, future events or otherwise.

Contact:

First Montauk Financial Corp.
Victor K. Kurylak, President and Chief Executive Officer
(800) 876-3672, ext. 4230 info@montaukfinancial.com