8-K

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

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934.

Date of Report: November 12, 2007 (Date of earliest event reported)
Paulson Capital Corp (Exact name of registrant as specified in its charter)
OR (State or other jurisdiction of incorporation)	0-18188 (Commission File Number)	93-0589534 (IRS Employer Identification Number)
811 S.W. Naito Pkwy, Suite 200 (Address of principal executive offices)		97204-3332 (Zip Code)
503-243-6000 (Registrant's telephone number, including area code)
Not Applicable (Former Name or Former Address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers

Paulson Capital Corp. (the "Company") today announced the election of Charles L.F. Paulson to the Company's Board of Directors, effective November 12, 2007. Mr. Paulson currently serves as the Vice President of Proprietary Trading of Paulson Investment Company, a wholly-owned subsidiary of the Company, and also has served as on the board of directors of PIC since 1994.
A press release relating to this announcement is included with this Current Report.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
99.1 Press Release titled "Paulson Capital Corp. Expands Board With Appointment of Charles Paulson as New Director"

Item 9.01. Financial Statements and Exhibits

(a) Financial statements:
            None
(b) Pro forma financial information:
            None
(c) Shell company transactions:
            None
(d) Exhibits
            99.1       Press Release of Paulson Capital Corp dated December 12, 2007

SIGNATURE

      Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: December 12, 2007
PAULSON CAPITAL CORP By:  /s/ Barbara James                    
     Barbara James
     Asst. Corporate Secretary

Exhibit Index
Exhibit No.	Description
99.1	Press Release of Paulson Capital Corp dated December 12, 2007

EX-99 2 paulsoncapitalcorp8.htm PAULSON CAPITAL CORP PRESS RELEASE Paulson Capital Corp. Expands Board With Appointment of Charles Paulson as New Director

PORTLAND, OR -- 12/12/2007 -- Paulson Capital Corp. (NASDAQ: PLCC), parent company to Paulson Investment Company, Inc., today announced the election of Charles L.F. Paulson as the newest member of the Board of Directors.

Paulson originally joined the firm in 1972 and has served in various positions since that time. Currently, he is Senior Vice President of Proprietary Trading, and is tasked with overseeing the trading of the firm's own investment accounts and advising senior management on market dynamics and trends that may affect or impact the value of its holdings. He previously served as the Company's Head Trader for more than 20 years and has served as a member of Paulson Investment Company, Inc.'s Board of Directors since 1994. Paulson is the eldest son to the Company's founder and Chairman, Chester "Chet" Paulson.

Commenting on the appointment, Chet Paulson noted, "Charlie has played a very important role in our firm's success over the past three-plus decades and will surely prove to be a valuable addition to our Board of Directors."

About Paulson Capital Corporation

Paulson Capital Corporation is the parent company to Paulson Investment Company, Inc. Located in Portland, Oregon, Paulson Investment Company is the Northwest's largest independent brokerage firm and a national leader in public offerings of small and emerging growth companies with capital needs of $5 million to $45 million. Founded by Chet Paulson in 1970, it has managed or underwritten more than 160 public offerings and has generated more than $1 billion for client companies.

This release may contain "forward-looking statements" based on current expectations but involving known and unknown risks and uncertainties. Actual results of achievements may be materially different from those expressed or implied. The Company's plan and objectives are based on judgments with respect to future conditions in the securities markets as well as general assumptions regarding the economy and competitive environment in the securities industry, which can be volatile and out of our control. In particular, we make assumptions about our ability to complete corporate finance transactions and increase the volume and size of our securities trading operations, which are difficult or impossible to predict accurately and often beyond the control of the Company. Therefore, there can be no assurance that any forward-looking statement will prove to be accurate.

FOR MORE INFORMATION, PLEASE CONTACT:
Dodi Handy
President and CEO
or
Daniel Conway
Chief Strategist
Elite Financial Communications Group
407-585-1080
plcc@efcg.net

-----END PRIVACY-ENHANCED MESSAGE-----

EX-99

Paulson Capital Corp. Expands Board With Appointment of Charles Paulson as New Director

PORTLAND, OR -- 12/12/2007 -- Paulson Capital Corp. (NASDAQ: PLCC), parent company to Paulson Investment Company, Inc., today announced the election of Charles L.F. Paulson as the newest member of the Board of Directors.

Paulson originally joined the firm in 1972 and has served in various positions since that time. Currently, he is Senior Vice President of Proprietary Trading, and is tasked with overseeing the trading of the firm's own investment accounts and advising senior management on market dynamics and trends that may affect or impact the value of its holdings. He previously served as the Company's Head Trader for more than 20 years and has served as a member of Paulson Investment Company, Inc.'s Board of Directors since 1994. Paulson is the eldest son to the Company's founder and Chairman, Chester "Chet" Paulson.

Commenting on the appointment, Chet Paulson noted, "Charlie has played a very important role in our firm's success over the past three-plus decades and will surely prove to be a valuable addition to our Board of Directors."

About Paulson Capital Corporation

Paulson Capital Corporation is the parent company to Paulson Investment Company, Inc. Located in Portland, Oregon, Paulson Investment Company is the Northwest's largest independent brokerage firm and a national leader in public offerings of small and emerging growth companies with capital needs of $5 million to $45 million. Founded by Chet Paulson in 1970, it has managed or underwritten more than 160 public offerings and has generated more than $1 billion for client companies.

This release may contain "forward-looking statements" based on current expectations but involving known and unknown risks and uncertainties. Actual results of achievements may be materially different from those expressed or implied. The Company's plan and objectives are based on judgments with respect to future conditions in the securities markets as well as general assumptions regarding the economy and competitive environment in the securities industry, which can be volatile and out of our control. In particular, we make assumptions about our ability to complete corporate finance transactions and increase the volume and size of our securities trading operations, which are difficult or impossible to predict accurately and often beyond the control of the Company. Therefore, there can be no assurance that any forward-looking statement will prove to be accurate.

FOR MORE INFORMATION, PLEASE CONTACT:
Dodi Handy
President and CEO
or
Daniel Conway
Chief Strategist
Elite Financial Communications Group
407-585-1080
plcc@efcg.net