Exhibit 99.1 [GRAPHIC OMITTED] IPofA AFFILIATES TERMINATE MERGER AGREEMENT WITH FIRST MONTAUK Red Bank, NJ - December 29, 2006 - First Montauk Financial Corp. (OTC/BB: FMFK), a nationwide provider of investment services through independent financial professionals, announced today that it has receive

                                                                Exhibit 99.1




                               [GRAPHIC OMITTED]


         IPofA AFFILIATES TERMINATE MERGER AGREEMENT WITH FIRST MONTAUK


Red Bank, NJ - December 29, 2006 - First Montauk Financial Corp. (OTC/BB: FMFK),
a nationwide provider of investment services through independent financial
professionals, announced today that it has received notification from
representatives of FMFG Ownership, Inc. and FMFG AcquisitionCo, Inc., affiliates
of Investment Properties of America, LLC (collectively referred to as "IPofA"),
that IPofA is terminating the merger agreement with First Montauk Financial
Corp. The merger agreement, as amended, provides for its termination by either
party if the transaction is not completed by December 31, 2006.

First Montauk has been in the process of obtaining regulatory approval from the
National Association of Securities Dealers, Inc. ("NASD") for the merger, and in
that connection has been awaiting material information from IPofA and its
principal owner, Mr. Edward Okun that the NASD had previously requested in
connection with its review of the transaction. To date, neither IPofA nor Mr.
Okun has provided the requested information.

IPofA has alleged that it is terminating the merger agreement due to the NASD
having not yet approved the change of ownership application required under the
terms of the merger agreement, notwithstanding that the NASD granted an
extension until January 5, 2007 for IPofA and Mr. Okun to furnish the requested
information. In addition, IPofA has alleged that it is terminating the agreement
due to First Montauk's material breach of one of more of its representations,
warranties