Exhibit 99.1


                                [GRAPHIC OMITTED]


          Edward Okun and Affiliates Acquire Majority Voting Power Over
                         First Montauk Financial Corp.

March 2, 2007 -- Red Bank, NJ -- First Montauk Financial Corp. (OTCBB: FMFK)
announced that on February 26, 2007, Edward Okun, a real estate entrepreneur
based in Miami, Florida, and certain affiliates filed an amendment to their
Schedule 13D with the Securities and Exchange Commission disclosing that they
now beneficially own 52.8% of the voting securities of the Company. According to
the Okun group's amended Schedule 13D, the additional shares of First Montauk
common stock were purchased in privately negotiated transactions for $1.00 per
share and the 197,824 shares of Series B preferred stock (convertible into 10
shares of common stock per share of Series B preferred stock) were purchased for
$10.00 per share. The Series B Preferred Stock and certain of the shares of
Common Stock were purchased from two former officers and directors of First
Montauk.

         As disclosed in the Schedule 13D, the purpose of the transaction is to
acquire a controlling interest in First Montauk. Representatives of the Okun
group have contacted First Montauk and requested representation on the Board of
Directors. The parties have been conducting discussions concerning this request
and expect to continue these discussions over the next several days.

         The parties originally executed a merger agreement on May 5, 2006 under
which affiliates of Mr. Okun would purchase all of the outstanding shares of
Common Stock of First Montauk for $1.00 per share in cash, all of the Series A
Preferred Stock, which is convertible into two shares of common stock, for $2.00
per Series A share in cash, and all of the Series B Preferred Stock, which is
convertible into ten shares of common stock, for $10.00 per Series B share in
cash. On August 17, 2006, the shareholders of First Montauk, including the Okun
group, overwhelmingly voted to approve the merger agreement and the merger.
However, on December 29, 2006, First Montauk reported that the merger agreement
had been terminated by the Okun affiliates on various grounds including First
Montauk's alleged material breach of one of more of its representations,
warranties, covenants or agreements.

         First Montauk strongly denied that the purported termination was
appropriate and on January 8, 2007 filed a lawsuit in New Jersey Superior Court,
Monmouth County, against Edward H. Okun, Investment Properties of America LLC
(IPofA), his principal operating company which is headquartered in Richmond,
Virginia, and several other affiliated entities that he controls for their
breach of the merger agreement. That lawsuit alleged, among other things, that
the Okun group breached the merger agreement without cause or justification.
First Montauk's complaint demanded, in part, specific performance of the merger
agreement and completion of the merger.

         Subsequently, affiliates of Mr. Okun filed an action in the Circuit
Court of the State of Florida and a shareholder derivative action in the Federal
District Court for the District of New Jersey against certain directors and
officers of the company. First Montauk believes these actions are based on the
same facts and circumstances as the previous action filed by First Montauk
against Mr. Okun and his affiliates for their breach of the merger agreement,
and are part of his response to the lawsuit.

         First Montauk Financial Corp. is the parent company of First Montauk
Securities Corp., a registered securities broker/dealer headquartered in Red
Bank, New Jersey. First Montauk conducts securities brokerage, insurance,
investment banking and advisory business through its network of independent
financial professionals.

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