Exhibit 31.2


SECTION 302 CERTIFICATION PURSUANT TO SARBANES-OXLEY ACT OF 2002

         I, W. Peter Ragan Jr., Chief Financial Officer of Velocity Asset
Management, Inc. (the "Company"), do hereby certify that:

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

         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; and

         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 Company as of, and for, the period presented in this quarterly 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-14 and 15d-14) for the Company and have:

                  (a) designed such disclosure controls and procedures 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 quarterly report
         is being prepared;

                  (b) evaluated the effectiveness of the Company's disclosure
         controls and procedures as of a date within 90 days prior to the filing
         date of this quarterly report (the "Evaluation Date"); and

                  (c) presented in this quarterly report our conclusions about
         the effectiveness of the disclosure controls and procedures based on
         our evaluation as of the Evaluation Date;

         5.       The Company's other certifying officers 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 which could adversely affect the Company's ability to
         record, process, summarize and report financial data and have
         identified for the registrant's auditors any material weaknesses in
         internal controls; and

                  (b) any fraud, whether or not material, that involves
         management or other employees who have a significant role in the
         Company's internal controls; and

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         6.       The Company's other certifying officers and I have indicated
in this quarterly report whether or not there were significant changes in
internal controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies and material
weaknesses.


                                    /s/ W. PETER RAGAN JR.
                                    ------------------------------------
                                    W. Peter Ragan Jr.
                                    Chief Financial Officer

May 19, 2004

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