<PAGE>
===============================================================================
/------------------------------/
/ OMB APPROVAL /
/------------------------------/
/ OMB Number: 3235-0104 /
/ Expires: September 30, 1998 /
/ Estimated average burden /
/ hours per response 0.5 /
/------------------------------/
+--------+
| FORM 3 | UNITED STATES SECURITIES AND EXCHANGE COMMISSION
+--------+ WASHINGTON, D.C. 20549
INITIAL STATEMENT OF 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(f) of the Investment Company Act of 1940
(Print or Type Responses)
- --------------------------------------------------------------------------------
1. Name and Address of Reporting Person*
Harris R. Perry
----------------------------------------------------------------------------
(Last) (First) (Middle)
115 Long Wharf P.O. Box 2000
----------------------------------------------------------------------------
(Street)
Newport Rhode Island 02840
----------------------------------------------------------------------------
(City) (State) (Zip)
2. Date of Events Requiring Statement (Month/Day/Year)
August 28, 1998
---------------
3. IRS or Social Security Number of Reporting Person if an Entity
(Voluntary)
-----------
4. Issuer Name and Ticker or Trading Symbol
Equivest Finance, Inc. (EQUI)
----------------------------------------------------------------------------
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[X] Director [ ] Officer [X] 10% Owner [ ] Other
(give title below) (specify below)
----------------------------------------------------------------------------
6. If Amendment, Date of Original (Month/Day/Year)
----------------------------
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 BENEFICIALLY OWNED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
1. Title 2. Amount of 3. Ownership Form: 4. Nature of
of Securities Bene- Direct (D) or Indirect Bene-
Security ficially Owned Indirect (I) ficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr. 5)
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
- --------------------------------------------------------------------------------
Common Stock 3,200,000(1) (1) (1)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
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
5(b)(v).
<PAGE>
FORM 3 (continued)
TABLE II--DERIVATIVE SECURITIES BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
1. Title of Derivative 2. Date Exer- 3. Title and Amount of Securities 4. Conversion 5. Ownership 6. Nature of In-
Security (Instr. 4) cisable and Underlying Derivative Security or Form of direct Bene-
Expiration (Instr. 4) Exercise Derivative ficial
Date Price Security: Ownership
(Month/Day/ of Direct (D) (Instr. 5)
Year) Derivative or In-
---------------------------------------------------- Security direct (I)
Date Expira- Amount or (Instr. 5)
Exer- tion Title Number of
cisable Date Shares
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Explanation of Responses:
(1) R. Perry Harris ("Mr. Harris") is the direct beneficial owner of 3,040,000
Shares and the indirect beneficial owner of 160,000 Shares held by his wife,
Karen Harris ("Mrs. Harris"). Mrs. Harris is the direct beneficial owner of
160,000 Shares and the indirect beneficial owner of the 3,040,000 Shares held by
Mr. Harris.
**International 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 space 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.
/s/ R. Perry Harris September 8, 1998
------------------------------- -----------------
**Signature of Reporting Person Date
R. Perry Harris
<PAGE>
JOINT FILER INFORMATION
Name: Karen Harris
Address: 115 Long Wharf
P.O. Box 200
Newport, RI 02840
Designated Filer: R. Perry Harris
Issuer &
Ticker Symbol: Equivest Finance, Inc. (EQUI)
Date of Event
Requiring Statement: August 28, 1998
Signature: /s/ Karen Harris
------------------
<PAGE>
This Statement confirms that the undersigned, Karen Harris, has
authorized and designated R. Perry Harris to execute and file on the
undersigned's behalf all Forms 3, 4 and 5 (including any amendments thereto)
that the undersigned may be required to file with the U.S. Securities and
Exchange Commission as a result of the undersigned's ownership of or
transacttions in securities of Equivest Finance, Inc. The authority of R. Perry
Harris under this Statement shall continue until the undersigned is no longer
required to file Forms 3, 4 and 5 with regard to the undersigned's ownership of
or transactions in securities of Equivest Finance, Inc., unless earlier revoked
in writing. The undersigned acknowledges that R. Perry Harris is not assuming
any of the undersigned's responsibilities to comply with Section 16 of the
Securities and Exchange Act of 1934.
Date: September 8, 1998
/s/ Karen Harris
- -------------------------
Karen Harris
