FORM 4 U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check this box if OMB APPROVAL
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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(1) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
William H. Kelly
220 Asharoken Ave.
Northport, New York 11768
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2. Issuer Name and Ticker or Trading Symbol
Paramount Financial Corporation "PARA" and "PARAW"
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
April 1998
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer (Check all applicable)
X Director 10% Owner
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Officer (give title below) Other (specify below)
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7. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
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___ Form filed by More than One Reporting Person
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TABLE 1 - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF,
OR BENEFICIALLY OWNED
1. Title of 2. Transaction 3. Transaction 4. Securities
Security Date Code Acquired (A) or
(Instr.3) (Month/Day/ (Instr.8) Disposed of (D)
Year) (Instr.3,4,and 5)
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Code V Amount (A)or Price
(D)
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Common Stock,
par value $0.01
per share+ 4/16/98 P 12,000 A $0.562+
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5. Amount of 6. Ownership 7. Nature of
Securities Form: Direct Indirect
Beneficially (D) or In- Beneficial
Owned at End direct (I) Ownership
of Month (Instr.4) (Instr.4)
(Instr.3 and 4)
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12,000+ D
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Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
*If the form is filed by more than one reporting person, see Instruction
4(b)(v).
(Print or Type Responses)
(over)
<PAGE>
FORM 4 (Continued)
TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY
OWNED (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
1. Title of 2. Conversion or 3. Transaction 4. Transaction
Derivative Exercise Price Date (Month/ Code
Security of Derivative Day/Year) (Instr.8)
(Instr.3) Security ----------------
Code V
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None
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5. Number of 6. Date Exer- 7. Title and
Derivative cisable and Amount of
Securities Expiration Underlying
Acquired(A) Date (Month/ Securities
or Disposed Day/Year) (Instr.3 and 4)
of (D)(Instr.
3, 4, and 5)
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(A) (D) Date Expira- Title Amount or
Exer- tion Number of
cisable Date Shares
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8. Price of 9. Number of 10. Ownership 11. Nature of
Derivative Derivative Form of Indirect
Security Securities Derivative Beneficial
(Instr.5) Beneficially Security: Ownership
Owned at End Direct (D) (Instr.4)
of Month or Indirect
(Instr.4) (I)(Instr.4)
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EXPLANATION OF RESPONSES:
+ On May 19, 1998, the Board of Directors and Stockholders of Paramount
Financial Corporation effected a one-for-four reverse stock split. As
such, the new common stock has a par value of $0.04 per share and as of
May 19, 1998, Mr. Kelly owned 3,000 shares.
by: /s/ William H. Kelly 6/11/98
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**Signature of Reporting Person Date
William H. Kelly
**INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
NOTE: FILE THREE COPIES OF THIS FORM, ONE OF WHICH MUST BE MANUALLY SIGNED.
IF SPACED PROVIDED IS INSUFFICIENT, SEE INSTRUCTION 6 FOR PROCEDURE.
Potential persons who are to respond to the collection of information
contained in this form are not required to respond unless the form
displays a currently valid OMB Number.
