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Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors
Paulson Capital Corp.
We consent to the incorporation by reference in the registration statement (no. 333-123370) on Form S-3 of Paulson Capital Corp. of our report dated March 27, 2006, relating to the consolidated financial statements, which appears in the December 31, 2005 annual report on Form 10-K of Paulson Capital Corp.
Chicago, Illinois
March 27, 2006