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 11, 2007

                          FIRST MONTAUK FINANCIAL CORP.
                          -----------------------------
             (Exact name of registrant as specified in its charter)




                         COMMISSION FILE NUMBER: 0-6729
                                                 ------

                NEW JERSEY                           22-1737915
                ----------                           ----------
     (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
SIMULTANEOUSLY  SATISFY THE FILING OBLIGATION OF THE REGISTRANT UNDER ANY OF THE
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 8.01     Other Events

                 On January 11, 2007, the Registrant issued a press release
                 disclosing the filing of a lawsuit by the Registrant in New
                 Jersey Superior Court, Monmouth County against Edward H. Okun,
                 Investment Properties of America, LLC and several affiliated
                 entities which Mr. Okun controls for their breach of the
                 Agreement and Plan of Merger, dated as of May 5, 2006, executed
                 among two Okun-affiliated companies and the Registrant. A copy
                 of this press release is attached as Exhibit 99.1 to this
                 Current Report. Exhibit 99.1 is being "furnished" and shall not
                 be deemed "filed" for purposes of Section 18 of the Securities
                 Exchange Act of 1934, nor shall it be deemed incorporated by
                 reference in any filing under the Securities Act of 1933 or the
                 Securities Exchange Act of 1934, except as shall be expressly
                 set forth by specific reference in such filing.


Item 9.01    Financial Statements and Exhibits

 (c)          Exhibits

              The following exhibit is filed or furnished herewith:

              99.1      Press Release dated January 11, 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
                                          --------------------------------------
                                       Name:  Victor K. Kurylak
                                       Title: Chief Executive Officer
                                       Date:  January 11, 2007







                                  EXHIBIT INDEX

    Exhibit     Description
    Number

      99.1         Press Release dated January 11, 2007