AMENDMENT NO. 1 TO PROMISSORY NOTES

Exhibit 10.109

                      AMENDMENT NO. 1 TO PROMISSORY NOTES

      This  Amendment  No. 1 to Promissory Notes ("Amendment") is by and between
Ralph W. Shaw and Eileen A. Baldwin-Shaw (the "Holders") and National Investment
Managers Inc. (the "Maker"), effective as of September 25, 2009.

      Whereas,  reference  is  herby  made  to  a certain Promissory Note, dated
October  1, 2008, by and between the Holders and the Maker in the amount of Four
Hundred  Sixty One Thousand Three Hundred and Twenty Eight dollars ($461,328.00)
with  a  Cutoff  Date  of  December  1, 2009. (the "Promissory Note No. 1"). All
capitalized  terms  used  herein and not otherwise defined herein shall have the
meanings as set forth in the Promissory Notes;

      Whereas,  reference  is  herby  made  to  a certain Promissory Note, dated
October  1, 2008, by and between the Holders and the Maker in the amount of Four
Hundred  Sixty One Thousand Three Hundred and Twenty Eight dollars ($461,328.00)
with  a Cutoff Date of December 1, 2010 (the "Promissory Note No. 2;" Promissory
Note  No.  1  and  Promissory Note No. 2 collectively referred to as "Promissory
Notes");

      Whereas,  the  Maker  and  the  Holders  are  amending  the  terms  of the
Promissory Notes;

      Now,  Therefore,  for  good  and  valuable  consideration, the receipt and
sufficiency  of  which  i