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Sandhu Paul · 4 · GTC Telecom Corp · For 12/30/02

Filed On 12/31/02 2:09pm ET · SEC File 0-25703 · Accession Number 1081919-2-17

  As Of               Filer                 Filing     As/For/On Docs:Pgs              Issuer               Agent

12/31/02  Sandhu Paul                       4          Officer     1:3    GTC Telecom Corp                  GTC Telecom Corp

Statement of Change in Beneficial Ownership of Securities · Form 4
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 4           Statement of Change in Beneficial Ownership of         3     19K 
                          Securities                                             

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 4

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

|_|  Check this box if no longer subject to Section 16. Form 4 or Form 5        
obligations may continue. See Instruction 1(b).                       

(Print of Type Responses)                                                       
________________________________________________________________________________
1.   Name and Address of Reporting Person*                                      

Sandhu                             Surinder             Paul                    
--------------------------------------------------------------------------------
(Last)                           (First)             (Middle)             

3151 Airway Ave., Suite P-3                                                     
--------------------------------------------------------------------------------
(Street)

Costa Mesa                            CA                 92626                  
--------------------------------------------------------------------------------
(City)                           (State)              (Zip)               

________________________________________________________________________________
2.   Issuer Name and Ticker or Trading Symbol                                   

GTC Telecom Corp. -- GTCC                                                       
________________________________________________________________________________
3.   I.R.S. Identification Number of Reporting Person, if an entity (voluntary) 

________________________________________________________________________________
4.   Statement for Month/Day/Year                                               

December 30, 2002                                                               
________________________________________________________________________________
5.   If Amendment, Date of Original (Month/Day/Year)                            

________________________________________________________________________________
6.   Relationship of Reporting Person(s) to Issuer                              
(Check all applicable)                                                

|X|  Director                             |X|  10% Owner              
|X|  Officer (give title below)           |_|  Other (specify below)  

Chief Executive Officer; Chairman of the Board                
___________________________________________________________________   
________________________________________________________________________________
7.   Individual or Joint/Group Filing (Check Applicable line)                   

|X|  Form Filed by One Reporting Person                               
|_|  Form Filed by More than One Reporting Person                     
________________________________________________________________________________

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================================================================================
 Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned 
================================================================================

                                                        [Enlarge/Download Table]

                                                                                                 5.                                 
                                                                                                 Amount of      6.                  
                                                                 4.                              Securities     Owner-              
                                                                 Securities Acquired (A) or      Beneficially   ship                
                                       2A.          3.           Disposed of (D)                 Owned          Form:     7.        
                            2.         Deemed       Transaction  (Instr. 3, 4 and 5)             Following      Direct    Nature of 
                            Trans-     Execution    Code         ------------------------------- Reported       (D) or    Indirect  
1.                          action     Date, if     (Instr. 8)                   (A)             Transaction(s) Indirect  Beneficial
Title of Security           Date       any          ------------                 or              (Instr. 3 &    (I)       Ownership 
(Instr. 3)                  (mm/dd/yy) (mm/dd/yy)    Code     V      Amount      (D)    Price     Instr.4)      (Instr.4) (Instr.4) 
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                    

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Common                     12/30/02    N/A            G             200,000       D     N/A       3,677,215      D                  
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FORM 4 (continued)                                                              

Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned  
      (e.g., puts, calls, warrants, options, convertible securities)

================================================================================

                                                        [Enlarge/Download Table]

                                                                                                          9.                        
                                                                                                          Number    10.             
                                                                                                          of        Owner-          
                                                                                                          deriv-    ship            
                                                                                                          ative     Form            
             2.                                                                                           Secur-    of              
             Conver-                            5.                              7.                        ities     Deriv-   11.    
             sion                               Number of                       Title and Amount          Bene-     ative    Nature 
             or                                 Derivative    6.                of Underlying     8.      ficially  Secur-   of     
             Exer-            3A.      4.       Securities    Date              Securities        Price   Owned     ity:     In-    
             cise             Deemed   Trans-   Acquired (A)  Exercisable and   (Instr. 3 and 4)  of      Follow-   Direct   direct 
             Price   3.       Execut-  action   or Disposed   Expiration Date   ----------------  Deriv-  ing       (D) or   Bene-  
1.           of      Trans-   ion      Code     of(D)         (Month/Day/Year)            Amount  ative   Reported  In-      ficial 
Title of     Deriv-  action   Date if  (Instr.  (Instr. 3,    ----------------            or      Secur-  Trans-    direct   Owner- 
Derivative   ative   Date     any      8)       4 and 5)      Date     Expira-            Number  ity     action(s) (I)      ship   
Security     Secur-  (mm/dd/  (mm/dd/  ------   ------------  Exer-    tion               of      (Instr. (Instr.   (Instr.  (Instr.
(Instr. 3)   ity     yy)      yy)      Code V    (A)   (D)    cisable  Date     Title     Shares  5)      4)        4)       4)     
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No change from last report                                                                                                          
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====================================================================================================================================

Explanation of Responses:                                                       

/s/ S. Paul Sandhu                                         December 31, 2002    
---------------------------------------------            -----------------------
**Signature of Reporting Person                             Date    

Reminder: Report on a separate line for each class of securities beneficially   
owned directly or indirectly.                               

*     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).                         

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

                                                                          Page 2

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Dates Referenced Herein and Documents Incorporated By Reference

		Referenced-On Page
This 4 Filing	Date	First	Last	Other Filings

For The Period Ended	12/30/02	1
Filed On / Filed As Of	12/31/02	3		10QSB
	1/31/05	1

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Filing Submission - Alternative Formats (Word / Rich Text, HTML, Plain Text, SGML, XML, et al.)

Sandhu Paul · 4 · GTC Telecom Corp · For 12/30/02

Filed On 12/31/02 2:09pm ET · SEC File 0-25703 · Accession Number 1081919-2-17

Statement of Change in Beneficial Ownership of Securities · Form 4Filing Table of Contents

Dates Referenced Herein and Documents Incorporated By Reference

Statement of Change in Beneficial Ownership of Securities · Form 4
Filing Table of Contents