UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 13G

(RULE 13d - 102)

Information to be included in statements filed pursuant

to Rules 13d-1(b), (c) and (d) and amendments thereto filed

pursuant to 13d-2(b)

(AMENDMENT NO.1)*

Jesup & Lamont, Inc.

(Name of Issuer)

Common Stock, $.01 par value

(Title of Class of Securities)

291658 10 2

(CUSIP Number)

December 31, 2008

(Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule

pursuant to which this Schedule is filed:

o      Rule 13d-1(b)

x      Rule 13d-1(c)

o      Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information

which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

(Continued on the Following Pages)

 

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Corsair Capital Partners, L.P.

Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:

0

1,059,820

0

1,059,820

1,059,820

4.8%

PN

*SEE INSTRUCTIONS BEFORE FILLING OUT!

 

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Corsair Capital Partners 100, L.P.

Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:

0

70,655

0

70,655

70,655

0.3%

PN

*SEE INSTRUCTIONS BEFORE FILLING OUT!

 

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Corsair Capital Investors, Ltd.

Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:

0

141,309

0

141,309

141,309

0.6%

CO

*SEE INSTRUCTIONS BEFORE FILLING OUT!

 

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Corsair Capital Management, L.L.C.

Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:

0

1,271,784

0

1,271,784

1,271,784

5.7%

OO

*SEE INSTRUCTIONS BEFORE FILLING OUT!

 

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Jay R. Petschek

United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:

121,936

1,271,784

121,936

1,271,784

1,393,720

6.3%

IN

*SEE INSTRUCTIONS BEFORE FILLING OUT!

 

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Steven Major

United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:

0

1,271,784

0

1,271,784

1,271,784

5.7%

IN

*SEE INSTRUCTIONS BEFORE FILLING OUT!

 

This statement is filed with respect to the common stock (“Common Stock”) of Jesup & Lamont, Inc. (the “Issuer”) beneficially owned by the Reporting Persons identified below as of December 31, 2008, and amends and supplements the Schedule 13G originally filed by the Reporting Persons on May 23, 2008 (collectively, the “Schedule 13G”). Except as set forth herein, the Schedule 13G is unmodified.

The names of the persons filing this statement on Schedule 13G are: Corsair Capital Partners, L.P. (“Corsair Capital”), Corsair Capital Partners 100, L.P. (“Corsair 100”), Corsair Capital Investors, Ltd. (“Corsair Investors”), Corsair Capital Management, L.L.C. (“Corsair Management”), Jay R. Petschek (“Mr. Petschek”) and Steven Major (“Mr. Major” and collectively, the “Reporting Persons”). Corsair Management is the investment manager of Corsair Capital, Corsair 100 and Corsair Investors. Messrs. Petschek and Major are the controlling persons of Corsair Management.

Provide the following information regarding the aggregate number and

percentage of the class of securities of the issuer identified in Item 1.

Corsair Capital owns 1,059,820 shares of Common Stock consisting of: (i) 831,189 shares of Common Stock and (ii) warrants exercisable for 228,631 shares of Common Stock.

Corsair 100 owns 70,655 shares of Common Stock consisting of: (i) 55,413 shares of Common Stock and (ii) warrants exercisable for 15,242 shares of Common Stock.

Corsair Investors owns 141,309 shares of Common Stock consisting of: (i) 110,825 shares of Common Stock and (ii) warrants exercisable for 30,484 shares of Common Stock.

Corsair Management, as the investment manager of each of Corsair Capital, Corsair 100 and Corsair Investors, is deemed to beneficially own the 1,271,784 shares of Common Stock beneficially owned by them.

Mr. Petschek, as a controlling person of Corsair Management, is deemed to beneficially own the 1,271,784 shares of Common Stock beneficially owned by Corsair Management, and an additional 121,936 shares of Common Stock that he owns personally.

Mr. Major, as a controlling person of Corsair Management, is deemed to beneficially own the 1,271,784 shares of Common Stock beneficially owned by Corsair Management.

Collectively, the Reporting Persons beneficially own 1,393,720 shares of Common Stock.

Corsair Capital’s ownership of 1,059,820 shares of Common Stock represents 4.8% of all the outstanding shares of Common Stock.

 

Corsair 100’s ownership of 70,655 shares of Common Stock represents 0.3% of all the outstanding shares of Common Stock.

Corsair Investors’ ownership of 141,309 shares of Common Stock represents 0.6% of all the outstanding shares of Common Stock.

Corsair Management’s beneficial ownership of 1,271,784 shares of Common Stock represents 5.7% of all the outstanding shares of Common Stock.

The 1,393,720 shares of Common Stock deemed to be beneficially owned by Mr. Petschek represent 6.3% of all the outstanding shares of Common Stock.

The 1,271,784 shares of Common Stock deemed to be beneficially owned by Mr. Major represent 5.7% of all the outstanding shares of Common Stock.

Collectively, the Reporting Persons beneficially own 1,393,720 shares of Common Stock representing 6.3% of all the outstanding shares of Common Stock.

Mr. Petschek has the sole power to vote or direct the vote of the 121,936 shares of Common Stock that he owns personally.

Corsair Capital, Corsair Management, Mr. Petschek and Mr. Major have shared power to vote or direct the vote of 1,059,820 shares of Common Stock.

Corsair 100, Corsair Management, Mr. Petschek and Mr. Major have the shared power to vote or direct the vote of 70,655 shares of Common Stock.

Corsair Investors, Corsair Management, Mr. Petschek and Mr. Major have shared power to vote or direct the vote of 141,309 shares of Common Stock.

Mr. Petschek has the sole power to dispose or to direct the disposition of the 121,936 shares of Common Stock that he owns personally.

Corsair Capital, Corsair Management, Mr. Petschek and Mr. Major have the power to dispose or to direct the disposition of 1,059,820 shares of Common Stock.

 

Corsair 100, Corsair Management, Mr. Petschek and Mr. Major have the power to dispose or to direct the disposition of 70,655 shares of Common Stock.

Corsair Investors, Corsair Management, Mr. Petschek and Mr. Major have the power to dispose or to direct the disposition of 141,309 shares of Common Stock.

By signing below the undersigned certifies that, to the best of its or his knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

 

SIGNATURE

After reasonable inquiry and to the best of its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete, and correct.