Exhibit 99.1




      First Montauk Announces Settlement with Edward H. Okun and Affiliates
     Providing for $1.00 Put Option to Shareholders and Management Changes

May 9, 2007 -- Red Bank, NJ -- First Montauk Financial Corp. (OTCBB: FMFK)
announced today that it had reached an agreement with Edward H. Okun and his
affiliated companies to settle three separate lawsuits arising out of the
termination of a merger agreement by Mr. Okun through an affiliated company in
December 2006. Under the settlement, Louis J. Rogers, formerly of Triple Net
Properties LLC, will become the Chief Executive Officer of First Montauk
Financial Corp. and a director of the company. Victor K. Kurylak, First
Montauk's current Chief Executive Officer, will remain as President of First
Montauk Financial Corp. and also as President and Chief Executive Officer of
First Montauk Securities Corp., the broker-dealer subsidiary of First Montauk.
In addition, Mr. Okun, through affiliates, has agreed to invest an additional
$2,000,000 in First Montauk through the purchase of preferred stock or
convertible debt directly from First Montauk within 90 days after approval of
this settlement by the Federal District Court.

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 First
Montauk for $1.00 per diluted share in cash. However, on December 29, 2006,
First Montauk reported that the merger agreement had been terminated by the Okun
affiliates and three separate lawsuits by the parties followed. In February
2007, Mr. Okun, through affiliates, purchased additional shares of common and
preferred stock of First Montauk, which gave him voting control of the company.

According to the terms of the settlement agreement, a Put Option will be issued
to all First Montauk shareholders other than the Okun affiliates. The Put Option
is designed to allow the remaining minority shareholders of First Montauk to
sell their shares to an Okun affiliate for $1.00 per common share, the original
purchase price, in 18 months. However, if the market price of First Montauk's
shares exceeds $1.25 for 45 days in any 60 trading day period during the 18
months with daily volume greater than 75,000 shares, and certain other
conditions are satisfied, the Put Options will terminate. The Put Options are
nontransferable and subject to various other terms and conditions. The Put
Options will be issued on a record date to be determined by the parties to the
settlement.

Upon Mr. Okun's investment of the $2,000,000 within 90 days, First Montauk's
board of directors will increase the number of directors on the board by three
members and fill these newly created directorships with three additional persons
to be nominated by Mr. Okun. The existing independent directors of First Montauk
will continue to serve until the next annual meeting but will not stand for
reelection. The next annual meeting will be rescheduled from the previously
announced date of June 22, 2007 to a date to be determined later in the year.

Louis J. Rogers is the former President, director and founding member of Triple
Net Properties, LLC, a wholly-owned subsidiary of NNN Realty Advisors, Inc., a
nationwide real estate asset firm. Triple Net offers a full range of commercial
real estate investments, including tenant-in-common (TIC) programs for investors
structuring tax-deferred (like-kind) exchanges under Section 1031 of the
Internal Revenue Code, real estate investment trusts (REITs), funds, and
institutional investments. As a partner with the Hirschler Fleischer law firm in
Richmond, Virginia (1987-2004), Mr. Rogers structured real estate transactions
as head of the firm's Real Estate Securities Practice Group. Mr. Rogers is
experienced in REITs, Section 1031/TIC programs, funds and other alternative
investment programs. He earned a J.D. from the University of Virginia (1984), a
B.A. (with Honors) and M.A. in Jurisprudence from Wadham College, Oxford
University (1981, 1985), and a B.A. in Political Science from Northeastern
University (1979). Mr. Rogers is active in many real estate securities trade
groups, having served as Chair of the Investment Program Association (direct





placement trade association) Section 1031 Exchange Committee, founding and
current Director and former Chair of the Legislative and Regulatory Committee of
TICA (the TIC trade association), former member of the Board of Governors of the
Real Property Section of the Virginia State Bar and former member of the Real
Estate Committee of the American Bar Association's Tax Section. In addition, Mr.
Rogers is a NASD - registered principal. He has written and spoken regularly.

The settlement is subject to the approval of the Federal District Court.

The foregoing is only a summary of the settlement and is qualified in its
entirety by the settlement agreement to be filed as an exhibit to Form 8-K.

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