Exhibit 16.1
Accountants and Business Advisors
November 23, 2005
U.S. Securities and Exchange Commission
Office of the Chief Accountant
100 F Street, NE
Washington, DC 20549
Re: PAULSON CAPITAL CORP.
File No. 0-18188
Dear Sir or Madam:
We have read Item 4.01 of Form 8-K of Paulson Capital Corp. dated November 17, 2005, and agree with the statements concerning our Firm contained therein.
Very truly yours,
/s/ GRANT THORNTON LLP
Suite 800
111 S.W. Columbia
Portland, OR 97201-5864
T 503.222.3562
F 503.295.0148
W www.grantthornton.com
Grant Thornton LLP
US Member of Grant Thornton International