UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G


                    Under the Securities Exchange Act of 1934




                           MEGO FINANCIAL CORPORATION
            ------------------------------------------------------
                                (Name of Issuer)

                                  Common Stock
            ------------------------------------------------------
                         (Title of Class of Securities)

                                    585162100
            ------------------------------------------------------
                                 (CUSIP Number)


                                 March 31, 2003
             ------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

     | x |      Rule 13d-1(b)

     |   |      Rule 13d-1(c)

     |   |      Rule 13d-1(d)

*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for any  subsequent  amendment  containing  information  which  would  alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).


                        (Continued on following page(s))



 CUSIP NO. 585162100                13G

1    NAME OF REPORTING PERSON
     S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

     Friedman, Billings, Ramsey Group, Inc.
     32-0045263


2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                         (a) [ ] (b) [ X ]


3    SEC USE ONLY


4    CITIZENSHIP OR PLACE OF ORGANIZATION
     Virginia


                    5    SOLE VOTING POWER
                         1,205,979


   NUMBER OF        6    SHARED VOTING POWER
    SHARES               0
 BENEFICIALLY
   OWNED BY
     EACH
   REPORTING        7    SOLE DISPOSITIVE POWER
    PERSON               1,205,979
     WITH


                    8    SHARED DISPOSITIVE POWER
                         0


9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     1,205,979


10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *


11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     18.30%

12   TYPE OF REPORTING PERSON*

     HC

                      *SEE INSTRUCTION BEFORE FILLING OUT!

 CUSIP NO. 585162100                   13G

1    NAME OF REPORTING PERSON
     S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

     Eric F. Billings


2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                         (a) [ ] (b) [ X ]


3    SEC USE ONLY


4    CITIZENSHIP OR PLACE OF ORGANIZATION

     United States

                    5    SOLE VOTING POWER
                         0


   NUMBER OF        6    SHARED VOTING POWER
    SHARES               1,205,979
 BENEFICIALLY
   OWNED BY
     EACH
   REPORTING        7    SOLE DISPOSITIVE POWER
    PERSON               0
     WITH


                    8    SHARED DISPOSITIVE POWER
                         1,205,979


9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     1,205,979


10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *


11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     18.30%


12   TYPE OF REPORTING PERSON*

     IN

                      *SEE INSTRUCTION BEFORE FILLING OUT!
 CUSIP NO. 585162100                 13G

1    NAME OF REPORTING PERSON
     S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

     Emanuel J. Friedman


2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                         (a) [ ] (b) [ X ]


3    SEC USE ONLY


4    CITIZENSHIP OR PLACE OF ORGANIZATION

     United States

                    5    SOLE VOTING POWER
                         6,667


   NUMBER OF        6    SHARED VOTING POWER
    SHARES               1,205,979
 BENEFICIALLY
   OWNED BY
     EACH
   REPORTING        7    SOLE DISPOSITIVE POWER
    PERSON               6,667
     WITH


                    8    SHARED DISPOSITIVE POWER
                         1,205,979


9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     1,212,646


10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *


11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     18.40%

12   TYPE OF REPORTING PERSON*

     IN

                              *SEE INSTRUCTION BEFORE FILLING OUT!




Item 1.    (a).    Name of Issuer: Mego Financial Corporation



           (b). Address of Issuer's Principal Executive Offices:

                   4310 Paradise Road
                   Las Vegas, NV  89109

Item 2.    (a).    Name of Person Filing:

                   Friedman, Billings, Ramsey Group, Inc.


           (b). Address of Principal Business Office or, if none, Residence:

                   1001 19th Street North
                   Arlington, VA 22209-1710


           (c). Citizenship: Virginia


           (d). Title of Class of Securities: Common Stock


           (e). CUSIP Number: 358433100

Item 3.            If this statement is filed pursuant to sections
                   240.13d-1(b) or 240.13d-2(b) or (c), check whether the person
                   filing is a:

                   (a)         [ ] Broker or dealer registered under section 15
                               of the Act (15 U.S.C. 78o);
                   (b)         [ ] Bank as defined in section 3(a)(6) of the Act
                               (15 U.S.C. 78c);
                   (c)         [ ] Insurance company as defined in section
                               3(a)(19) of the Act (15 U.S.C. 78c.);
                   (d)         [ ] Investment company registered under section 8
                               of the Investment Company Act of 1940 (15 U.S.C.
                               80a-8);
                   (e)         [ ] An investment adviser in accordance with
                               section 240.13d-1(b)(1)(ii)(E);
                   (f)         [ ] An employee benefit plan or endowment fund in
                               accordance with section 240.13d-1(b)(1)(ii) (F);
                   (g)         [X] A parent holding company or control person in
                               accordance with section 240.13d-1(b)(1)(ii)(G);
                   (h)         [ ] A savings associations as defined in section
                               3(b) of the Federal Deposit Insurance Act (12
                               U.S.C. 1813);
                   (i)         [ ] A church plan that is excluded from the
                               definition of an investment company under section
                               3(c)(14) of the Investment Company Act of 1940
                               (15 U.S.C. 80a-3);
                   (j)         [ ] Group, in accordance with section
                               240.13d-1(b)(1) (ii)(J).

Item 4.            Ownership.

     Provide  the  following  information  regarding  the  aggregate  number and
percentage of the class of securities of the issuer identified in Item 1.

           (a). Amount beneficially owned: 1,205,979


           (b). Percent of class: 18.30%


           (c). Number of shares as to which the person has:

                   (i) Sole power to vote or to direct the vote 1,205,979.

                   (ii)     Shared power to vote or to direct the vote 0.

                   (iii)    Sole power to dispose or to direct the disposition
                            of 1,205,979.

                   (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:

                     Friedman, Billings, Ramsey & Co., Inc.



Item 7.            Identification and Classification of Subsidiaries which
                   Acquired the Security Being Reported on by the Parent
                   Holding Company:

                   Friedman, Billings, Ramsey & Co., Inc.                   3(a)
                   FBR Ashton, Limited Partnership
                   FBR Opportunity Fund, Ltd.


Item 8.            Identification and Classification of Members of the Group:

                   Not Applicable

Item 9.            Notice of Dissolution of Group:

                   Not Applicable

Item 10.           Certification:

                   By signing below I certify that, to the best of my knowledge
                   and belief, the securities referred to above were acquired
                   and are held in the ordinary course of business and were not
                   acquired and are not held for the purpose of or with the
                   effect of changing or influencing the control of the issuer
                   of the securities and were not acquired and are not held in
                   connection with or as a participant in any transaction having
                   that purpose or effect.

                   In accordance with Rule 13d-4 of the Securities Exchange Act
                   of 1934, each of the persons filing this statement expressly
                   disclaims the beneficial ownership of the securities covered
                   by this statement and the filing of this report shall not be
                   construed as an admission by such persons that they are the
                   beneficial owners of such securities.

                                    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.



                                      FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.

Dated:  April 11, 2003            By: /s/ EMANUEL J. FRIEDMAN
                                      ---------------------------------
                                      Name:  Emanuel J. Friedman
                                      Title: Chairman


Dated:  April 11, 2003                /s/ ERIC F. BILLINGS
                                      ----------------------------------
                                      Eric F. Billings


Dated:  April 11, 2003                /s/ EMANUEL J. FRIEDMAN
                                      ----------------------------------
                                      Emanuel J. Friedman