Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF 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. Date of Event Requiring Statement (Month/Day/Year)
07/11/2005		 3. Issuer Name and Ticker or Trading Symbol
ICOP DIGITAL, INC [ICDG]
(Last)
(First)
(Middle)
811 SW NAITO PARKWAY, SUITE 200		 4. 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)
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

PORTLAND, OR 97204		 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 Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 350,000
I
See Footnote (1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Warrants (Right to buy Common Stock) 07/08/2005 07/08/2010 Common Stock 290,000 $ 6.1875 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 07/14/2005
**Signature of Reporting Person Date
Harry L. Striplin, Authorized Agent for Paulson Capital Corp. 07/14/2005
**Signature of Reporting Person Date
Harry L. Striplin, Authorized Agent for Paulson Investment Co., Inc. 07/14/2005
**Signature of Reporting Person Date
Harry L. Striplin, Authorized Agent for Paulson Family LLC 07/14/2005
**Signature of Reporting Person Date
Harry L. Striplin, Attorney-in-Fact for Jacqueline M. Paulson 07/14/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(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.

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