UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15 (D) OF THE

SECURITIES EXCHANGE ACT OF 1934

~~Date of Report~~June ~~(Date of Earliest Event Reported) – November 1~~19, ~~2007~~ 2008

Commission File Number: 000-32745

SHEARSON FINANCIAL NETWORK

(Exact name of registrant as specified in its charter)

Nevada		88-0471353
(State or jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

~~2470~~921 ~~St. Rose~~Front ~~Parkway~~Street, ~~Suite~~San ~~314~~Francisco, California 94111

Henderson, Nevada 89074

(Address of principal executive offices, including zip code)

~~(702) 868~~415-~~7900~~ 296-5127

(Registrant's telephone number, including area code)

Copies to:

Stephen M. Fleming, Esq.

Law Offices of Stephen M. Fleming PLLC

110 Wall Street, 11th Floor

New York, New York 10005

Phone: (516) 833-5034

Fax: (516) 977-1209

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

~~o Written~~£ ~~communications~~Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

~~o Soliciting~~£ ~~material~~Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o£ ~~Precommencement~~ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o£ ~~Precommencement~~ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

~~SHEARSON~~ITEM ~~FINANCIAL NETWORK, INC~~1.03 BANKRUPTCY OR RECEIVERSHIP

~~Item~~On 5June 16, 2008, Shearson Financial Network, Inc.02 ~~Departure~~(the of"Company") ~~Directors~~filed ora ~~Certain~~voluntary petition ~~Officers;~~under ~~Election~~Chapter 11 of ~~Directors;~~the ~~Appointment~~United States Bankruptcy Code in the United States Bankruptcy Court located in Law Vegas, Nevada (the " Bankruptcy Court"). The Company's case is No. 08-16350. The Company is continuing to manage its affairs as debtor in possession. The Company elected to seek bankruptcy protection to protect and preserve their assets for the benefit of ~~Certain~~creditors ~~Officers;~~and stockholders ~~Compensatory~~and ~~Arrangements~~is currently evaluating the alternatives to maximize the value of ~~Certain~~its ~~Officers~~assets.

~~On November 1,~~ITEM ~~2007~~2.04 TRIGGERING ~~Theresa~~EVENTS ~~Carlise~~THAT ~~resigned~~ACCELERATE ~~from~~OR INCREASE ~~the~~A ~~position~~DIRECT ofFINANCIAL ~~Chief~~OBLIGATION ~~Financial~~OR ~~Officer of Shearson~~AN ~~Financial~~OBLIGATION ~~Network,~~UNDER ~~Inc.~~AN ~~and its subsidiaries (the~~OFF-BALANCE ~~"Company")~~SHEET ARRANGEMENT.

InThe ~~addition,~~filing ~~on November 1, 2007, the Board~~ of ~~Directors appointed Lee Shorey,~~ the ~~Company’s~~ ~~Executive~~Bankruptcy ~~Vice~~Court ~~President,~~described ~~Secretary,~~in ~~Treasurer~~Item ~~and Director to fill the vacancy created by Ms~~1.03 ~~Carlise’s~~above ~~resignation. There~~constituted ~~are~~an noevent ~~understandings~~of default or ~~arrangements~~otherwise ~~between~~triggered ~~Mr.~~repayment ~~Shorey~~obligations ~~and~~under ~~any~~agreements ~~other person~~between ~~pursuant to~~the ~~which~~Company ~~Mr.~~and ~~Shorey~~AJW ~~was~~Partners, ~~selected~~LLC, asAJW anOffshore, ~~executive officer~~Ltd. ~~Mr.~~, ~~Shorey does~~AJW ~~not~~Qualified ~~have~~Partners, LLC ~~any~~and ~~family~~New ~~relationship~~Millennium ~~with~~Capital ~~any~~Partners, ~~director~~II, ~~executive~~LLC according ~~officer~~to the ~~or person~~callable ~~nominated~~secured orconvertible ~~chosen~~notes byissued us to ~~become~~such ainvestors ~~director~~as orwell ~~executive~~as certain ~~officer. Mr.~~of ~~Shorey~~the isCompany’s 62other ~~years~~financial ~~old~~obligations. HeAs ~~has~~a ~~served~~result ~~as Executive Vice President~~ of the event ~~Company~~of ~~since~~default, ~~November 2006. Mr.~~all ~~Shorey~~debt ~~became~~outstanding under the ~~Company’s~~callable ~~Secretary~~secured innotes ~~2001~~became automatically and ~~its Treasurer~~immediately indue ~~2001. He~~and ~~was~~payable, ~~appointed~~subject asto ~~a member of~~ the ~~Board~~application of ~~Directors~~applicable inbankruptcy ~~2001~~law.

~~Mr.~~Item ~~Shorey has over 30 years experience in finance, mortgage brokerages and real estate services companies~~9. He01 Financial ~~holds~~Statements a BS Degree in Accounting. Mr. Shorey previously held the position of Vice President of Administration /Human Resources for Virtual Mortgage Network from 1994 through 1998. In that capacity Mr. Shorey managed the general accounting, statistical reporting, document preparation and research for preparation of business plan, reporting on regional activity, tracking sales and production, handling payroll and Human Resources activities for the company. Prior to that assignment, Mr. Shorey functioned as the Controller for Finet Corporation, a San Francisco area computerized loan origination company from 1990 through 1994. Mr. Shorey also held the position of Vice President of Operations for American Financial Network located in Dallas, Texas, from 1986 through 1990.Exhibits

Exhibit No.		Exhibit Name

99.1		Press Release

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereto duly authorized.

Date: November 6, 2007		SHEARSON FINANCIAL NETWORK
Date: June 19, 2008	SHEARSON FINANCIAL NETWORK
		By: /s/ Michael A. Barron
	By: /s/Harry R. Kraatz
		Michael A. Barron
	Harry R. Kraatz
	Chief Executive Officer and Chairman	~~Chief Executive Officer and Chairman~~

Filing Compare · SHEARSON FINANCIAL NETWORK INC