SECURITIES OWNED AND SECURITIES SOLD, BUT NOT YET PURCHASED AT FAIR VALUE

3 Months Ended

Dec. 31, 2016

Schedule of Investments [Abstract]

SECURITIES OWNED AND SECURITIES SOLD, BUT NOT YET PURCHASED AT FAIR VALUE

SECURITIES OWNED AND SECURITIES SOLD, BUT NOT YET PURCHASED AT FAIR VALUE

Classification of securities are as follows:

Fair Value Measurements

As of December 31, 2016
Securities owned at fair value	Level 1		Level 2		Level 3		Total
Corporate stocks	$	172,000	—		—		$	172,000
Municipal bonds	930,000		—		—		930,000
Restricted stock	—		104,000		—		104,000
	$	1,102,000	$	104,000	$	—	$	1,206,000

Securities sold, but not yet purchased at fair value	Level 1		Level 2	Level 3	Total
Corporate stocks	$	1,000	—	—	$	1,000

As of September 30, 2016
Securities owned at fair value	Level 1		Level 2		Level 3		Total
Corporate stocks	$	101,000	—		—		$	101,000
Municipal bonds	2,111,000		—		—		2,111,000
Restricted stock	—		145,000		—		145,000
	$	2,212,000	$	145,000	$	—	$	2,357,000

Securities sold, but not yet purchased at fair value	Level 1		Level 2		Level 3		Total
Corporate stocks	$	298,000	$	—	$	—	$	298,000