Message #11 From:
NewsBot Date: August 17, 2006 09:54:00 AM
FMFK News Two New Executives to Join Montauk Financial Group's Management Team
RED BANK, N.J.--(BUSINESS WIRE)--Aug. 17, 2006--First Montauk Financial Corp. (OTCBB: FMFK), a nationwide provider of investment services through independent financial professionals, today announced the hiring of two new management team members for its wholly owned subsidiary, Montauk Financial Group. Phillip P. D'Ambrisi and Celeste M. Leonard have accepted offers to join the firm as Executive Vice President and Chief Operating Officer and Executive Vice President and Chief Compliance Officer, respectively. In addition, Mr. D'Ambrisi and Ms. Leonard will join the Board of Directors of First Montauk Securities Corp.
"We are extremely pleased to welcome Phil and Celeste to our senior management team. Both individuals are seasoned executives who will bring a wealth of industry experience to their respective positions. Their integrity and accomplishments in the financial services industry are well recognized," commented Victor K. Kurylak, President and Chief Executive Officer. "The Company has made a great deal of progress in the past two years, and the addition of these two talented individuals continues to demonstrate our dedicated efforts to be leaders in our segment of the market."
Mr. D'Ambrisi has over twenty years of management experience in the financial services industry. Most recently, he served as Senior Vice President and Chief Operating Officer of Horner, Townsend & Kent, Inc., a subsidiary of The Penn Mutual Life Insurance Company. Previously, during the period from 1989 to 2004, Mr. D'Ambrisi was employed by MONY Securities Corporation a subsidiary of The MONY Group, initially as a Senior Vice President and Chief Operations Officer from 1989 to 1999 and then as the President and Chief Executive Officer from 1999 to 2004. He has also worked in various management positions at Mutual of New York, Securities Settlement Corporation and Dean Witter Reynolds, Inc. Mr. D'Ambrisi is a graduate of Rutgers University and holds NASD Series 7, 63 and 24 licenses.
"I am pleased to be joining First Montauk at such an exciting time," stated Mr. D'Ambrisi. "The growth potential in the independent brokerage sector, combined with a strong management team and an outstanding network of financial affiliates, makes First Montauk a very attractive opportunity."
Ms. Leonard has over twenty years of management experience in supervision and compliance in the securities industry and joins First Montauk from Smith Barney Citigroup where she served as Director of Sales Practices. Previously, she was a Senior Vice President for Business Control Management at Neuberger Berman, LLC. and from 1996 to 2004 Leonard served as Executive Director/National Director of Branch Supervision for CIBC Oppenheimer Corp. She has also held the position of Compliance Director for the Financial Services Division of Lehman Brothers from 1994 to 1996. Prior to that, Ms. Leonard held various compliance and supervisory management positions at Lehman Brothers, Shearson/Lehman Brothers, Shearson/American Express and Shearson. Ms. Leonard is a member of the New York Stock Exchange Hearing Board and a member of the SIA Compliance and Legal Division and has presented at SIA and NASD conferences. She attended Duquesne University and holds NASD Series 7, 8, 63, and 65 licenses.
Commenting on her new position Ms. Leonard stated, "I look forward to joining the management team at First Montauk and contributing to the progress and success they have achieved in recent years."
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, N.J., with approximately 50,000 retail and institutional accounts. The Company's ability to offer quality support services, research, web-based information systems and a competitive commission payout structure has attracted approximately 290 independent, professional registered representatives across the country. Additional information is available at the Company's website at www.montaukfinancial.com.
Statements contained in this news release regarding expected financial results of the Company and First Montauk Securities Corp., are forward-looking statements, subject to uncertainties and risks, many of which are beyond the Company's control, including, but not limited to, market conditions, interest rate and currency fluctuations, dependence on key personnel, each of which may be impacted, among other things, by economic, competitive or regulatory conditions. These and other applicable risks are summarized under the caption "Factors Affecting Forward Looking Statements" in the Company's Form 10-Q for the second quarter ended June 30, 2006, as filed with the Securities and Exchange Commission. Forward-looking statements by their nature involve substantial risks and uncertainties. As a result, actual results may differ materially depending on many factors, including those described above. The Company cautions that historical results are not necessarily indicative of the Company's future performance.
