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

August 19, 2004

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