Item 7.01 Regulation FD Disclosure

On March 16, 2009, Paulson Capital Corp., an Oregon corporation (the "Company"), issued a letter to shareholders. The letter will be available on the Company's website at http://www.paulsoninvestment.com/, although the Company reserves the right to discontinue that availability at any time, and is attached hereto as Exhibit 99.1.

The information in this Report on Form 8-K is furnished pursuant to Item 7.01 and shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. This Report will not be deemed an admission as to the materiality of any information in the Report that is required to be disclosed solely by Regulation FD.

The Company does not have, and expressly disclaims, any obligation to release publicly any updates or any changes in the Company's expectations or any change in events, conditions, or circumstances on which any forward-looking statement is based.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The following exhibit is attached hereto and this list is intended to constitute the exhibit index:

99.1 Letter to Shareholders dated March 16, 2009

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