Exhibit 31.1

CERTIFICATION
PURSUANT TO EXCHANGE ACT RULES 13A-14 AND 15D-14,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Muriel F. Siebert, certify that:

| |                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                     
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (1) I have reviewed this quarterly report on Form 10-Q of Siebert Financial
  Corp.;                                                                                                                                                                                                                                  
| |                                                                                                                                                                                                                                                                                                                       
| | (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 periods presented in 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)) 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. 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; and                                                                                                        
| |                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                     
| |                                                                                                                                                                                                                                                                                                                        | c. 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: November 14, 2006 | Signature: | /s/ Muriel F. Siebert                                 
|                        |            |                                                       
|                        | Name:      | Muriel F. Siebert                                     
|                        | Title:     | Chairwoman and President (principal executive officer)

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