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

OMB APPROVAL OMB Number: 3235-0104 Expires: January 31, 2005 Estimated average burden hours per response... 0.5

(Print or Type Responses)

1. Name and Address of Reporting Person *   PAULSON CAPITAL CORP 2. Date of Event Requiring Statement (Month/Day/Year) 11/01/2008 3. Issuer Name and Ticker or Trading Symbol QUANTUM GROUP INC /FL [QGP] (Last) (First) (Middle) 811 SW NAITO PARKWAY, SUITE 200 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner _____ Officer (give title below) __X__ Other (specify below) See Remarks 5. If Amendment, Date Original Filed(Month/Day/Year) 11/05/2008 (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 101,920 I See Footnote (1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

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
Class A Warrants (Right to buy Common Stock)	12/12/2008	12/12/2012	Common Stock	65,796	$ 7	I	See Footnote (1)
Class B Warrants (Right to buy Common Stock)	12/12/2008	12/12/2012	Common Stock	65,796	$ 11	I	See Footnote (1)
Underwriter Warrants (Right to buy Unit)	12/12/2008	12/12/2012	Common Stock	588,000 (2)	$ 13.2 (2)	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	Â	Â	Â	See Remarks
PAULSON JACQUELINE M 811 SW NAITO PARKWAY SUITE 200 PORTLAND, OR 97204	Â	Â	Â	See Remarks
PAULSON CHESTER L F 811 SW NAITO PARKWAY SUITE 200 PORTLAND, OR 97204	Â	Â	Â	See Remarks

Signatures

Carol A. Rice, Attorney-in-Fact for Chester L.F. Paulson		01/21/2009
**Signature of Reporting Person		Date
Carol A. Rice, Attorney-in-Fact for Jacqueline M. Paulson		01/21/2009
**Signature of Reporting Person		Date
Carol A. Rice, Authorized Agent for Paulson Capital Corp.		01/21/2009
**Signature of Reporting Person		Date
Carol A. Rice, Authorized Agent for Paulson Family LLC		01/21/2009
**Signature of Reporting Person		Date
Carol A. Rice, Authorized Agent for Paulson Investment Co., Inc.		01/21/2009
**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"). 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)	The Reporting Persons own 84,000 Underwriter Warrants. One (1) Underwriter Warrant is exercisable at $13.20 into one (1) Unit of The Quantum Group Inc. Each Unit consists of three (3) shares of Common Stock, two (2) Class A Warrants and two (2) Class B Warrants. Each Class A Warrant is exercisable at $7.00 into one (1) share of Common Stock and expire December 12, 2012. Each Class B Warrant is exercisable at $11.00 into one (1) share of Common Stock and expire December 12, 2012.
  Remarks: A form 3 was filed on November 5, 2008 in error.  On the form 3, the number of shares of Common Stock the Underwriter Warrants are exercisable into was incorrect.  This form 3/A is to correct the number of shares of Common Stock the Underwriter Warrants are exercisable into.  In addition, due to the error, the reporting parties are not subject to Section 16 reporting.  The reporting parties were not, and are not, a Director, Officer, or 10% Owner of the Issuer.  A form 5 is being filed concurrently to show the reporting persons are not subject to Section 16 reporting.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.