EXHIBIT 31.2 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO EXCHANGE
            ACT RULE 13a-14(a)(as adopted pursuant to Section 302 of
                         the Sarbanes-Oxley Act of 2002)

      I, Kenneth C. Riscica, certify that:

      1. I have reviewed this quarterly report on Form 10-Q of Magna-Lab, Inc.;

      2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
quarterly report;

      3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as
of, and for, the periods presented in this report;

      4. The smaller reporting company's other certifying officers and I are
responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and
15d-15(f) for the registrant and have:

            a) Designed such disclosure controls and procedures, or caused such
      disclosure controls and procedures to be designed under our supervision,
      to ensure that material information relating to the registrant, including
      its consolidated subsidiaries, is made known to us by others within those
      entities, particularly during the period in which this report is being
      prepared;

            b) Designed such internal control over financial reporting, or
      caused such internal control over financial reporting to be designed under
      our supervision, to provide reasonable assurance regarding the reliability
      of financial reporting and the preparation of financial statements for
      external purposes in accordance with generally accepted accounting
      principles;

            c) Evaluated the effectiveness of the smaller reporting company's
      disclosure controls and procedures and presented in this report our
      conclusions about the effectiveness of the disclosure controls and
      procedures, as of the end of the period covered by this report based on
      such evaluation; and

            d) Disclosed in this report any change in the smaller reporting
      company's internal control over financial reporting that occurred during
      the smaller reporting company's most recent fiscal quarter that has
      materially affected, or is reasonably likely to materially affect, the
      smaller reporting company's internal control over financial reporting; and

      5. The smaller reporting company's other certifying officers and I have
disclosed, based on our most recent evaluation of internal control over
financial reporting, to the smaller reporting company's auditors and the audit
committee of the smaller reporting company's board of directors (or persons
performing the equivalent function):

            a) all significant deficiencies in the design or operation of
      internal control over financial reporting which are reasonably likely to
      adversely affect the smaller reporting company's ability to record,
      process, summarize and report financial information; and

            b) any fraud, whether or not material, that involves management or
      other employees who have a significant role in the smaller reporting
      company's internal control over financial reporting.


Dated: October 17, 2008            By: /s/  Kenneth C. Riscica
                                       -----------------------------------------
                                       Kenneth C. Riscica, Treasurer & Secretary
                                       (principal financial officer)