Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
PAULSON CAPITAL CORP
   2. Issuer Name and Ticker or Trading Symbol
ICOP DIGITAL, INC [ICOP] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) __X__ Other (specify below)
See Footnote (1)
(Last)
(First)
(Middle)
811 SW NAITO PARKWAY, SUITE 200		 3. Date of Earliest Transaction (Month/Day/Year)
09/21/2007
(Street)

PORTLAND, OR 97204		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 09/21/2007   X(2)   50,000 (2) A $ 9.9 (2) 492,300 I See Footnote (1)
Common Stock 09/21/2007   X(3)   50,000 (3) A $ 6.19 (3) 542,300 I See Footnote (1)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Underwriter Warrants (Right to buy units) (2) $ 9.9 09/21/2007   X(2)     25,000 (2) 01/04/2006 07/08/2010 Common Stock and Warrants 100,000 $ 0 799,764 I See Footnote (1)
Warrants (Right to buy Common Stock) (2) $ 6.19 09/21/2007   X(2)   50,000 (2)   07/08/2005 07/08/2010 Common Stock 50,000 $ 9.9 849,764 I See Footnote (1)
Warrants (Right to buy Common Stock) (3) $ 6.19 09/21/2007   X(3)     50,000 (3) 07/08/2005 07/08/2010 Common Stock 50,000 $ 9.9 799,764 I See Footnote (1)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
PAULSON CAPITAL CORP
811 SW NAITO PARKWAY
SUITE 200
PORTLAND, OR 97204		     X   See Footnote (1)
PAULSON CHESTER L F
811 SW NAITO PARKWAY
SUITE 200
PORTLAND, OR 97204		     X   See Footnote (1)
PAULSON JACQUELINE M
811 SW NAITO PARKWAY
SUITE 200
PORTLAND, OR 97204		     X   See Footnote (1)

Signatures

 Harry L. Striplin, Attorney-in-Fact for Chester L.F. Paulson   09/24/2007
**Signature of Reporting Person Date
 Harry L. Striplin, Authorized Agent for Paulson Capital Corp.   09/24/2007
**Signature of Reporting Person Date
 Harry L. Striplin, Authorized Agent for Paulson Investment Co., Inc.   09/24/2007
**Signature of Reporting Person Date
 Harry L. Striplin, Authorized Agent for Paulson Family LLC   09/24/2007
**Signature of Reporting Person Date
 Harry L. Striplin, Attorney-in-Fact for Jacqueline M. Paulson   09/24/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Form filed by more than one reporting person. In addition to Paulson Capital Corp. ("PLCC"), the following are reporting parties: Chester L.F. Paulson, Jacqueline M. Paulson, Paulson Family LLC ("LLC") and Paulson Investment Company, Inc. ("PICI"). These reporting parties collectively own over 10%. The address for each of the reporting parties is the same as that provided for PLCC. PICI is a registered broker-dealer and a wholly owned subsidiary of PLCC. Mr. and Mrs. Paulson are controlling managers of the LLC, which is a controlling shareholder of PLCC, which is the parent company of PICI. Mr. and Mrs. Paulson and the LLC expressly disclaim any beneficial ownership of securities held in the name of PLCC and PICI.
(2) These transactions result from the exercise of 25,000 underwriter warrants for a price of $9.90 per warrant. One (1) underwriter warrant is exercisable into two (2) shares of common stock and (2) warrants. Therefore, Paulson Investment Company, Inc. received 50,000 shares of common stock and 50,000 warrants.
(3) These transactions result from the exercise of 50,000 warrants at a price of $6.19 per warrant. These warrants were received as part of the exercise of the underwriter warrants. One (1) warrant is exercisable into one (1) share of common stock. Therefore, Paulson Investment Company, Inc. received 50,000 shares of common stock for exercising the 50,000 warrants.

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