UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13G
Under the Securities Exchange Act of 1934
Network-1 Security Solutions, Inc.
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
64121N 10 9
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(CUSIP Number)
November 12, 1998
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
|_| Rule 13d-1(b)
|_| Rule 13d-1(c)
|X| Rule 13d-1(d)
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SCHEDULE 13G
CUSIP No. 64121N 10 9
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Page 2 of 6 Pages
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1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Robert Russo
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2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
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3) SEC USE ONLY
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4) CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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5) SOLE VOTING POWER
NUMBER 312,674
OF ---------------------------------------------------------
SHARES 6) SHARED VOTING POWER
BENEFICIALLY Not applicable
OWNED BY ---------------------------------------------------------
EACH 7) SOLE DISPOSITIVE POWER
REPORTING 312,674
PERSON ---------------------------------------------------------
WITH: 8) SHARED DISPOSITIVE POWER
Not applicable
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9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
312,674
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10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_|
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11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.1%
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12) TYPE OF REPORTING PERSON
IN
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Schedule 13G
Item 1(a). Name of Issuer:
Network-1 Security Solutions, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
Reservoir Place, 1601 Trapelo Road, Waltham, Massachusetts 02451
Item 2(a). Name of Person Filing:
Robert Russo
Item 2(b). Address of Principal Business Office or, if None, Residence:
30-20 28th Street
Long Island City, New York 11106
Item 2(c). Citizenship:
USA
Item 2(d). Title of Class of Securities:
Common Stock, par value $.01 per share
Item 2(e). CUSIP Number:
64121N 10 9
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b) or
(c), check whether the person filing is a:
(a) |_| Broker or dealer registered under Section 15 of the
Exchange Act.
(b) |_| Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) |_| Insurance company as defined in Section 3(a)(19) of the
Exchange Act.
(d) |_| Investment company registered under Section 8 of the
Investment Company Act.
(e) |_| Investment adviser in accordance with Rule 13d-1(b)(1)
(ii)(E).
(f) |_| Employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F).
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(g) |_| Parent holding company or control person in accordance with
Rule 13d-1(b)(ii)(G).
(h) |_| Savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act.
(i) |_| Church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act.
(j) |_| Group, in accordance with Rule 13d-1(b)(ii)(J).
Item 4. Ownership.
(a) Amount beneficially owned: 312,674
(b) Percent of class: 7.1%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote:
312,674
(ii) Shared power to vote or to direct the vote:
-0-
(iii) Sole power to dispose or to direct the
disposition of: 312,674
(iv) Shared power to dispose or to direct the
disposition of: -0-
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not applicable
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company.
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Not applicable
Item 8. Identification and Classification of Members of the Group.
Not applicable
Item 9. Notice of Dissolution of Group.
Not applicable
Item 10. Certification.
Not applicable
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete and
correct.
Date: February 12, 1999
/s/ Robert Russo
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Robert Russo
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