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, 2002
[ ] 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

         (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)

     First Montauk  Financial  Corp.  (the "Company") is unable to file its Form
10-K for the year ended December 31, 2002 on the due date because 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  anticipates that it will record a net loss for the fiscal year
ended December 31, 2002 of  approximately  $3 million as compared with a loss of
$5.3 million for the fiscal year ended  December 31, 2001.  The Company  further
anticipates  that total  revenues  for  fiscal  2002 will be  approximately  $48
million as compared to total revenues of $51.7 million for fiscal 2001.




                          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     April 1, 2003                   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.