| **CAPITAL FINANCIAL HOLDINGS,  INC., AND SUBSIDIARIES** | Exhibit 31.2 |
|---------------------------------------------------------|--------------|

**CERTIFICATION**

I, Valarie A. Hoskin, certify that:

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|   | 1.     | I have reviewed this annual report on Form 10-K of Capital  Financial Holdings, Inc.;                                                                                                                                                                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                                                                                     |
|   | 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;                           |
|   |   |                                                                                                                                                                                                                                                                                                                                     |
|   | 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  registrant as of, and for, the period covered by this 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(e) 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 have: |
|   |   |                                                                                                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                                                                                                                                                         |
|   |   |                                                                                                                                                                                                                                                                                                                                     | 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 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 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;                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                                                                                                                                                         |
|   |   |                                                                                                                                                                                                                                                                                                                                     | d.     | Disclosed in this report any change in the registrant's  internal control over financial reporting that occurred during the  registrant's most recent fiscal quarter (the registrant's fourth fiscal  quarter in the case of an annual report) 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 of internal control over  financial reporting, to the registrant's auditors and the audit committee of  the registrant's board of directors (or persons performing the equivalent  functions):                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                     |   |                                                                                                                                                                                                                                                                                                                                                                                         |
|   |   |                                                                                                                                                                                                                                                                                                                                     | a.     | All significant deficiencies and material weaknesses in  the design or operation of internal control 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 control over financial reporting.                                                                                                                                                                                                                 |

 

 

 

| Date: March 23, 2011 | By /s/ Valarie A. Hoskin |
|----------------------|--------------------------|
|                 | Valarie A.  Hoskin       |
|                 | Chief  Financial Officer |