Exhibit 31.1

SECTION
302 CERTIFICATION PURSUANT TO SARBANES-OXLEY ACT OF 2002

I,
John C. Kleinert, President and Chief Executive Officer of Velocity Asset
Management, Inc. hereby certify that:

1.       I
have reviewed this Quarterly Report on Form 10-Q of Velocity Asset Management,
Inc. Corp.;

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 Quarterly
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 Quarterly Report;

4.       The
Registrants other certifying officer and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15 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
we have:

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| | (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 Quarterly 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 Registrants disclosure controls and procedures and
  presented in this Quarterly 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 Quarterly Report any change in the Registrants internal control over
  financial reporting that occurred during the Registrants most recent fiscal
  quarter that has materially affected, or is reasonably likely to materially
  affect, the Registrants internal control over financial reporting; and                                                                     

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

| |                                                                                                                                                                                                                                                                                           
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a)     all
  significant deficiencies and material weaknesses in the design or operation
  of internal controls over financial reporting which are reasonably likely to
  adversely affect the Registrant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 Registrants internal controls.                                                                                                                            

|                           |                                        
|-------------------------- | ---------------------------------------
|Dated:
  November 10, 2008 | /s/
  John C. Kleinert                 
|                           |                                        
|                           | John C.
  Kleinert, President and Chief
|                           | Executive
  Officer                    

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