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 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

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

August 18, 2005

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