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 *
Lacovara Michael
   2. Issuer Name and Ticker or Trading Symbol
RODMAN & RENSHAW CAPITAL GROUP, INC. [[RODM]] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chief Executive Officer
(Last)
(First)
(Middle)
C/O RODMAN & RENSHAW CAPITAL GROUP,, 1251 AVENUE OF THE AMERICAS		 3. Date of Earliest Transaction (Month/Day/Year)
11/18/2008
(Street)

NEW YORK, NY 10020		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ 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               58,176 (4) D  
Common Stock 11/18/2008   P   25,000 A $ 1.0457 (1) 971,429 (2) D  

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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
Option $ 5               (3) 10/14/2017 Common Stock 750,000   750,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Lacovara Michael
C/O RODMAN & RENSHAW CAPITAL GROUP,
1251 AVENUE OF THE AMERICAS
NEW YORK, NY 10020		   X     Chief Executive Officer  

Signatures

 /s/ Michael Lacovara   11/18/2008
**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) Reflects the weighted average price of multiple same day open market purchases within a one dollar price range of one another at prices ranging from $1.02 to $1.06 per share.
(2) Of these shares: (a) 750,000 are restricted shares issued pursuant to a Restricted Stock Grant Agreement dated September 4, 2007, and shall vest as follows: one-third of the shares shall vest on August 31, 2008, 2009 and 2010, respectively, if the consolidated gross revenues of Rodman & Renshaw Capital Group, Inc. (the "Company") for the twelve months ended June 30, 2008, 2009 and 2010, respectively, shall be more than 110%, 120% and 130%, respectively, of the consolidated gross revenues of the Company for the twelve months ended June 30, 2007; and (b) 71,429 are restricted shares issued pursuant to a Restricted Stock Grant Agreement dated February 15, 2008, and shall vest as follows: one-third of the shares shall vest on February 14, 2009, 2010 and 2011, respectively. Further, these shares are subject to accelerated vesting and forfeiture upon the happening of certain events as provided for in the respective Restricted Stock Grant Agreements.
(3) Exercisable to acquire one-third of the underlying shares on the first anniversary of the grant date and to acquire an additional one-third of the underlying shares on each of the second and third anniversaries of the grant date. Further, options for half of the underlying shares are subject to accelerated vesting and forfeiture upon the happening of certain events as provided for in the Option Grant Agreement.
(4) All of these shares are restricted shares underlying Restricted Stock Units granted to the Reporting Person in accordance with Rule 16b-3(d) of the Securities Exchange Act of 1934, as amended. Such shares will be delivered to the Reporting Person in accordance with the terms of an award agreement between the Issuer and the Reporting Person.

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