Exhibit 31.1

SECTION 302 CERTIFICATION PURSUANT TO SARBANES-OXLEY ACT OF 2002

I, John C. Kleinert, Chief Executive Officer of Velocity Asset Management, Inc.
(the "Company") do hereby certify that:

         1.       I have reviewed this amended quarterly report on Form 10-QSB/A
of the Company;

         2.       Based on my knowledge, this 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 report; and

         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
Company as of, and for, the period presented in this report.

         4.       The 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) for the Company and have:

                  (a) designed such disclosure controls and procedure, or caused
such disclosure controls and procedures to be designed, to ensure that material
information relating to the Company, 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) evaluated the effectiveness of the 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

                  (c) disclosed in this report any changes in the Company's
internal control over financial reporting that occurred during the company's
most recent fiscal quarter that has materially affected, or is reasonably likely
to materially affect, the Company's internal control over financial reporting;
and

                  (d) disclosed in this report any change in the Company's
internal control over financial reporting that occurred during the Company's
most recent fiscal quarter (the Company's fourth fiscal quarter in the case of
an annual report) that has materially affected, or is reasonably likely to
affect, the Company's internal control over financial reporting; and

         5.       The Company's other certifying officer and I have disclosed,
based on our most recent evaluation, to the Company's auditors and the audit
committee of the Company's board of directors (or persons performing the
equivalent functions):

                  (a) all significant deficiencies in the design or operation of
internal controls over financial reporting which hare reasonably likely to
adversely affect the 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 Company's
internal control over financial reporting.

                                             /s/ JOHN C. KLEINERT
                                             -----------------------------
                                             John C. Kleinert
                                             Chief Executive Officer

November 24, 2006

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