| 1.   | Scope. This Code of      Business Conduct and Ethics applies to all Rubicon Financial Incorporated      directors, officers and employees, as well as to directors, officers and      employees of each subsidiary of Rubicon Financial Incorporated. Such      directors, officers and employees are referred to herein collectively as      the “Covered Parties.” Rubicon Financial Incorporated and its subsidiaries      are referred to herein collectively as  “Rubicon.” |
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| 2.   | Purpose. Rubicon is      proud of the values with which it conducts business. It has and will      continue to uphold high levels of business ethics and personal integrity      in all types of transactions and interactions. To this end, this Code of      Business Conduct and Ethics serves to (1) emphasize Rubicon’s commitment      to ethics and compliance with the law; (2) set forth basic standards of      ethical and legal behavior; (3) provide reporting mechanisms for known or      suspected ethical or legal violations; and (4) help prevent and detect      wrongdoing. |
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| 3.   | Ethical      Standards. |
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| A.   | Conflicts of Interest.      A conflict of interest exists when a person’s private interest      interferes in any way with the interests of Rubicon. A conflict can arise      when a Covered Party takes actions or has interests that may make it      difficult to perform his or her work for Rubicon objectively and      effectively. Conflicts of interest may also arise when a Covered Party, or      members of his or her family, receive improper personal benefits as a      result of his or her position at Rubicon. Loans to, or guarantees of      obligations of, Covered Parties and their family members may create      conflicts of interest. It is almost always a conflict of interest for a      Covered Party to work simultaneously for a competitor, customer or      supplier. |
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| B.   | Corporate Opportunities.      Covered Parties are prohibited from taking for themselves      opportunities that are discovered through the use of corporate property,      information or position without the consent of the Board of Directors of      Rubicon. No Covered Party may use corporate property, information or      position for improper personal gain, and no employee may compete with      Rubicon directly or indirectly. Covered Parties owe a duty to Rubicon to      advance its legitimate interests whenever  possible. |
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| C.   | Fair Dealing. Covered      Parties shall behave honestly and ethically at all times and with all      people. They shall act in good faith, with due care, and shall engage only      in fair and open competition, by treating ethically competitors,      suppliers, customers, and colleagues. Stealing proprietary information,      possessing trade secret information that was obtained without the owner’s      consent, or inducing such disclosures by past or present employees of      other companies is prohibited. No Covered Party should take unfair      advantage of anyone through manipulation, concealment, abuse of privileged      information, misrepresentation of material facts, or any other unfair      practice. |
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| D.   | Insider Trading.      Covered Parties who have access to confidential information are not      permitted to use or share that information for stock trading purposes or      for any other purpose except the conduct of Rubicon’s business. All      non-public information about Rubicon should be considered confidential      information. It is always illegal to trade in Rubicon Financial      Incorporated securities while in possession of material, non-public      information, and it is also illegal to communicate or “tip” such      information to others. |
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| E.   | Confidentiality.      Covered Parties must maintain the confidentiality of confidential      information entrusted to them, except when disclosure is authorized by an      appropriate executive officer of Rubicon or required by laws or      regulations. Confidential information includes all non-public information      that might be of use to competitors or harmful to Rubicon or its customers      if disclosed. It also includes information that suppliers and customers      have entrusted to Rubicon. The obligation to preserve confidential      information continues even after employment  ends. |
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| F.   | Protection and Proper Use of      Company Assets. All Covered Parties should endeavor to protect      Rubicon’s assets and ensure their efficient use. Theft, carelessness, and      waste have a direct impact on Rubicon’s profitability. Any suspected      incident of fraud or theft should be immediately reported for      investigation. Rubicon’s equipment should not be used for non-Company      business, though incidental personal use is  permitted. |
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| G.   | Compliance with Laws, Rules      and Regulations. Obeying the law, both in letter and in spirit, is      the foundation on which Rubicon’s ethical standards are built. In      conducting the business of Rubicon, the Covered Parties shall comply with      applicable governmental laws, rules and regulations at all levels of      government in the United States and in any non-U.S, jurisdiction in which      Rubicon does business. Although not all Covered Parties are expected to      know the details of these laws, it is important to know enough about the      applicable local, state and national laws to determine when to seek advice      from supervisors, managers or other appropriate  personnel. |
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| H.   | Timely and Truthful Public      Disclosure. In reports and documents filed with or submitted to the      Securities and Exchange Commission and other regulators by Rubicon, and in      other public communications made by Rubicon, the Covered Parties involved      in the preparation of such reports and documents (including those who are      involved in the preparation of financial or other reports and the      information included in such reports and documents) shall make disclosures      that are full, fair, accurate, timely and understandable. Where      applicable, these Covered Parties shall provide thorough and accurate      financial and accounting data for inclusion in such disclosures. They      shall not knowingly conceal or falsify information, misrepresent material      facts or omit material facts necessary to avoid misleading Rubicon’s      independent public auditors orinvestors. |
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| I.   | Significant Accounting      Deficiencies. The CEO and chief financial officer shall promptly      bring to the attention of the Audit Committee any information he or she      may have concerning (a) significant deficiencies in the design or      operation of internal control over financial reporting which could      adversely affect Rubicon’s ability to record, process, summarize and      report financial data or (b) any fraud, whether or not material, that      involves management or other employees who have a significant role in      Rubicon’s financial reporting, disclosures or internal control over      financial reporting. |
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| 4.   | Waivers. Any waiver of      this Code for executive officers or directors may be made only by      Rubicon’s Board of Directors or its Audit Committee and will be promptly      disclosed as required by law or stock exchange  regulation. |
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| 5.   | Violations      of Ethical Standards. |
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| A.   | Repotting Known or Suspected      Violations. Rubicon’s directors, CEO and chief financial officer      shall promptly report any known or suspected violations of this Code to      the Chairman of Rubicon’s Audit Committee. All other Covered Parties      should talk to supervisors, managers or other appropriate personnel about      known or suspected illegal or unethical behavior. These Covered Parties      may also report questionable behavior in the same manner as they may      report complaints regarding accounting, internal accounting controls or      auditing matters by notifying (anonymously, if desired) Rubicon’s board of      directors. No      retaliatory action of any kind will be permitted against anyone making      such a report in good faith, and Rubicon’s Audit Committee will strictly      enforce this prohibition. |
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| B.   | Accountability for Violations.      If Rubicon’s Audit Committee or its designee determines that this      Code has been violated, either directly, by failure to report a violation,      or by withholding information related to a violation, the offending      Covered Party may be disciplined for non-compliance with penalties up to      and including removal from office or dismissal. Such penalties may include      written notices to the individual involved that a violation has been      determined, censure by the Audit Committee, demotion or re-assignment of      the individual involved and suspension with or without pay or benefits.      Violations of this Code may also constitute violations of law and may      result in criminal penalties and civil liabilities for the offending      Covered Party and Rubicon. All Covered Parties are expected to cooperate      in internal investigations ofmisconduct. |
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| 6.   | Compliance Procedures.      We must all work together to ensure prompt and consistent action      against violations of this Code. In some situations, however, it is      difficult to know if a violation has occurred. Because we cannot      anticipate every situation that will arise, it is important that we have a      way to approach a new question or problem. These are the steps to keep in      mind: |
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