SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 12b-25
                           NOTIFICATION OF LATE FILING

SEC FILE NUMBER       0-6729
CUSIP NUMBER          321006108



(Check One):       X       Form 10-K
                           Form 20-F 
                           Form 11-K
                           Form 10-Q
                           Form N-SAR
 
For Period Ended:  December 31, 1998
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:  ________________________________

Read Instruction (on back page) Before Preparing Form. Please Print or Type.

Nothing  in this  form  shall be  construed  to imply  that the  Commission  has
verified any information contained herein.

If the notification  relates to a portion of the filing checked above,  identify
the Item(s) to which the notification relates:

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PART I - REGISTRANT INFORMATION

First Montauk Financial Corp.
Full Name of Registrant

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Former Name if Applicable

Parkway 109 Office Center, 328 Newman Springs Road
Address of Principal Executive Office (Street and Number)

Red Bank, New Jersey 07701
City, State and Zip Code



PART II - RULES 12b-25(b) AND (c)

If the subject report could not be filed without  unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate)

   X         (a) The reasons  described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or expense;
  
   X         (b) The  subject  annual  report,  semi-annual  report,  transition
report on Form 10-K, Form 20-F,  11-K, Form N-SAR, or portion  thereof,  will be
filed on or before the fifteenth calendar day following the prescribed due date;
or the subject  quarterly  report of transition  report on Form 10-Q, or portion
thereof  will be filed  on or  before  the  fifth  calendar  day  following  the
prescribed due date; and

     X       (c) The  accountant's  statement or other exhibit  required by Rule
12b-25(c) has been attached if applicable.

PART III - NARRATIVE

State below in reasonable detail the reasons why the Form 10-K, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.  (Attach Extra Sheets if Needed)

     The financial statements were not completed  sufficiently in advance of the
due date of the  report to enable  the  Company's  management  to  complete  the
Management's  Discussion  and  Analysis  and Results of  Operations  in a timely
manner. 

PART IV - OTHER INFORMATION

(1)       Name and telephone number of person to contact in regard to this
          notification

                Robert I. Rabinowitz, Esq.         (732) 842-4700
                          (Name)             (Area Code) (Telephone Number)

(2)       Have all other periodic  reports required under Section 13 or 15(d) of
          the  Securities  Exchange Act of 1934 or Section 30 of the  Investment
          Company  Act of 1940  during  the  preceding  12  months  (or for such
          shorter) period that the registrant was required to file such reports)
          been filed? If answer is no, identify report(s).

                                           X    Yes           No

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(3) Is it anticipated that any significant  change in results of operations from
the  corresponding  period for the last  fiscal  year will be  reflected  by the
earnings statements to be included in the subject report of portion thereof?

                                           X    Yes           No


If so, attach an explanation of the  anticipated  change,  both  narratively and
quantitatively, and, if appropriate, state the reasons why a reasonable estimate
of the results cannot be made.

     The Company's net loss for 1998 will be approximately  $2,762,847  compared
to net income of  $1,476,825  for 1997.  Revenues for 1998 were  $41,876,378  as
compared to $37,742,633 in 1997. The net loss is primarily attributable to legal
matters and related  costs of  $2,377,336,  as well as a  write-down  of certain
notes receivable from Global Financial Corp. of $1,775,000.




                          FIRST MONTAUK FINANCIAL CORP.
                  (Name of Registrant as Specified in Charter)

has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.



Date     March 25, 1999                     By /s/ Herbert Kurinsky
                                             Herbert Kurinsky
                                             President

INSTRUCTION: The form may be signed by an executive officer of the registrant or
by any other duly  authorized  representative.  The name and title of the person
signing  the form  shall  be typed or  printed  beneath  the  signature.  If the
statement is signed on behalf of the registrant by an authorized  representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.

                              ATTENTION
       Intentional misstatements or omissions of fact constitute Federal
Criminal Violations (See 18 U.S.C. 1001).

                        GENERAL INSTRUCTIONS

1.        This  form is  required  by Rule  12b-25  (17 CFR  240.12b-25)  of the
          General Rules and  Regulations  under the  Securities  Exchange Act of
          1934.

2.        One  signed  original  and  four  conformed  copies  of this  form and
          amendments thereto must be completed and filed with the Securities and
          Exchange Commission,  Washington,  D.C. 20549, in accordance with Rule
          0-3  of  the  General  Rules  and  Regulations   under  the  Act.  The
          information  contained in or filed with the form will be made a matter
          of public record in the Commission files.

3.        A manually  signed copy of the form and  amendments  thereto  shall be
          filed with each  national  securities  exchange  on which any class of
          securities of the registrant is registered.

4.        Amendments to the notifications  must also be filed on form 12b-25 but
          need not restate  information that has been correctly  furnished.  The
          form shall be clearly identified as an amended notification.

5.        Electronic Filers.  This form shall not be used by  electronic  filers
          unable to timely file a report solely due to electronic  difficulties.
          Filers  unable to submit a report  within the time  prescribed  due to
          difficulties in electronic  filing should comply with either Rule
          201 or Rule 202 of Regulation S-T or apply for an adjustment in filing
          date pursuant to Rule 13(b) of Regulation S-T.