UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 4 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP ( ) Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instructions 1(b). 1. Name and Address of Reporting Person Frost, Dr. Phillip 4400 Biscayne Boulevard Miami, FL 33137-3227 USA 2. Issuer Name and Ticker or Trading Symbol Ladenburg Thalmann Financial Services Inc. LTS 3. IRS or Social Security Number of Reporting Person (Voluntary) 4. Statement for Month/Year August 31, 2002 5. If Amendment, Date of Original (Month/Year) 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) ( ) Director (X) 10% Owner ( ) Officer (give title below) ( ) Other (specify below) 7. Individual or Joint/Group Filing (Check Applicable Line) ( ) Form filed by One Reporting Person (X) Form filed by More than One Reporting Person
___________________________________________________________________________________________________________________________________ Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ___________________________________________________________________________________________________________________________________| 1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect | | Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership | | | | | Beneficially |(D)or | | | | | | | A/| | Owned at |Indir | | | Date |Code|V| Amount | D | Price | End of Month |ect(I)| | ___________________________________________________________________________________________________________________________________| Common Stock, par value $.0|07/26/|P | |25,000 |A |$0.1327 | |I |(1) | 001 per share |02 | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock, par value $.0|08/26/|P | |12,000 |A |$0.34 | |I |(1) | 001 per share |02 | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock, par value $.0|08/30/|P | |8,500 |A |$0.33 |1,453,466 |I |(1) | 001 per share |02 | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| ___________________________________________________________________________________________________________________________________| ___________________________________________________________________________________________________________________________________ Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned | ___________________________________________________________________________________________________________________________________| 1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of| Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect | |or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial | |cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership | |Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | | |Deriva- | | | |Date |Expir| | |ficially |Ind| | |tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| | |Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | | |rity |Date |Code|V| Amount | |ble | | | |Month |(I)| | ___________________________________________________________________________________________________________________________________| Common Stock Purchase |$1.00 |(2) |J | |100,000 |D |Immed|08/31|Common Stock|100,000| |-0- | | | Warrant (right to buy)| | | | | | |. |/06 |, par value | | | | | | | | | | | | | | |$.0001 per s| | | | | | | | | | | | | | |hare | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock Purchase |$1.00 |(2) |J | |100,000 |A |Immed|08/31|Common Stock|100,000| |100,000 |I |(1)(2) | Warrant (right to buy)| | | | | | |. |/06 |, par value | | | | | | | | | | | | | | |$.0001 per s| | | | | | | | | | | | | | |hare | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | | ___________________________________________________________________________________________________________________________________|
Explanation of Responses: (1) These securities are held by Frost Gamma Limited Partnership, of which the reporting person is the sole limited partner and the sole shareholder of Frost-Nevada Corporation, which is the sole shareholder of Frost Gamma Inc., the sole general partner of Frost Gamma Limited Partnership. (2) On 1/18/02, Frost-Nevada, Limited Partnership assigned these warrants to Frost Gamma Limited Partnership. JOINT FILERS ___________________ FROST-NEVADA, LIMITED PARTNERSHIP /s/ Phillip Frost, M.D. ___________________ By Frost-Nevada Corporation, General Partner, by Phillip Frost, M.D., President FROST-GAMMA LIMITED PARTNERSHIP /s/ Phillip Frost, M.D. ___________________ By Frost Gamma Inc., General Partner, by Phillip Frost, M.D., President SIGNATURE OF REPORTING PERSON /s/ Phillip Frost, M.D. DATE September 2, 2002