X0201 4 2003-09-19 0 0000704159 PAULSON CAPITAL CORP PLCC 0001227535 LAMEAR KENNETH 811 SW NAITO PARKWAY SUITE 200 PORTLAND OR 97204 0 0 0 1 See Footnote (1) Common Stock 2003-09-19 4 S 0 3400 6.00 D 21000 I See Footnote Kenneth LaMear is a Director of Paulson Investment Company, Inc. (A wholly-owned subsidiary of Paulson Capital Corp.). The shares referred to are owned by LaMear Investment Co., LLC. Mr. LaMear and his wife, Barbara Ann LaMear, are the sole members of the LaMear Investment Co., LLC. Kenneth T. LaMear, Individually 2003-09-19 Kenneth T. LaMear for LaMear Investment Co., LLC 2003-09-19