Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
LEVIN ALAN B
   2. Issuer Name and Ticker or Trading Symbol
VFINANCE INC [VFIN.OB] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chief Financial Officer
(Last)
(First)
(Middle)
C/O VFINANCE, INC., 3010 NORTH MILITARY TRAIL, STE 300		 3. Date of Earliest Transaction (Month/Day/Year)
07/01/2008
(Street)

BOCA RATON, FL 33431		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, par value $0.01 per share 07/01/2008   D   75,000 D (1) 0 D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy) $ 0.18 07/01/2008   D     160,000   (2) 06/13/2010 Common Stock 160,000 (2) 0 D  
Employee Stock Option (right to buy) $ 0.155 07/01/2008   D     50,000   (3) 12/29/2010 Common Stock 50,000 (3) 0 D  
Employee Stock Option (right to buy) $ 0.2 07/01/2008   D     500,000   (4) 07/23/2011 Common Stock 500,000 (4) 0 D  
Employee Stock Option (right to buy) $ 0.21 07/01/2008   D     500,000   (5) 12/28/2011 Common Stock 500,000 (5) 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
LEVIN ALAN B
C/O VFINANCE, INC.
3010 NORTH MILITARY TRAIL, STE 300
BOCA RATON, FL 33431		       Chief Financial Officer  

Signatures

 /s/ Alan B. Levin   07/02/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Disposed of pursuant to the Agreement and Plan of Merger dated November 7, 2008, as amended, by and among the Issuer,National Holdings Corporation ("National") and National's wholly-owned subsidiary, vFin Acquisition Corporation ("MergerSub"), pursuant to which the Issuer was the surviving entity in a merger with MergerSub and became a wholly-owned subsidiary of National. In the merger, the Reporting Person received an aggregate of 10,500 shares of National common stock having a market value of $1.75 per share, the closing price of National's common stock as quoted on the Over-the-Counter Bulletin Board on June 30, 2008, the date prior to the closing date of the merger.
(2) This option, which provided for vesting in four equal installments beginning June 16, 2006, was exchanged for an option having the same terms and conditions, except that it is 100% vested and is exercisable to purchase 22,400 shares of National common stock at $1.29 per share.
(3) This option, which provided for vesting in four equal installments beginning December 20, 2006, was exchanged for an option having the same terms and conditions, except that it is exercisable to purchase 7,000 shares of National common stock at $1.11 per share.
(4) This option, which provided for vesting in four equal installments beginning July 23, 2007, was exchanged for an option having the same terms and conditions, except that it is 100% vested and is exercisable to purchase 70,000 shares of National common stock at $1.43 per share.
(5) This option, which provided for vesting in four equal installments beginning December 29, 2007, was exchanged for an option having the same terms and conditions, except that it is 100% vested and is exercisable to purchase 70,000 shares of National common stock at $1.50 per share.

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