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 *
LEBOW BENNETT S
  2. Issuer Name and Ticker or Trading Symbol
VECTOR GROUP LTD [VGR]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Exec. Chairman of the Board
(Last)
(First)
(Middle)
C/O VECTOR GROUP LTD., 100 S.E. SECOND STREET
3. Date of Earliest Transaction (Month/Day/Year)
06/12/2008
(Street)

MIAMI, FL 33131
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 06/12/2008   M   2,908,738 A $ 6.29 7,441,050 I By LeBow Gamma Limited Partnership (1)
Common Stock 06/12/2008   M   969,579 A $ 6.29 969,579 I By LeBow Epsilon Investments Trust (2)
Common Stock 06/12/2008   F(3)   1,375,895 D $ 17.73 6,065,156 I By LeBow Gamma Limited Partnership (1)
Common Stock 06/16/2008   J(4)   343,974 D $ 0 625,605 I By LeBow Epsilon Investments Trust (2)
Common Stock 06/16/2008   J(4)   343,974 A $ 0 6,409,129 I By LeBow Gamma Limited Partnership (1)

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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
Employee Stock Option (right to buy) $ 6.29 06/12/2008   M     2,908,738 07/20/2002 07/20/2008 Common Stock 2,908,738 $ 0 0 I By LeBow Gamma Limited Partnership (1)
Employee Stock Option (right to buy) $ 6.29 06/12/2008   M     969,579 07/20/2002 07/20/2008 Common Stock 969,579 $ 0 0 I By LeBow Epsilon Investments Trust (2)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
LEBOW BENNETT S
C/O VECTOR GROUP LTD.
100 S.E. SECOND STREET
MIAMI, FL 33131
  X   X   Exec. Chairman of the Board  

Signatures

 /s/ Bennett S. LeBow   06/16/2008
**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) LeBow Gamma Limited Partnership is a Nevada limited partnership. LeBow Holdings, Inc., a Nevada corporation, is the sole stockholder of LeBow Gamma, Inc., a Nevada corporation, which is the general partner of LeBow Gamma Limited Partnership. Mr. LeBow is a director, officer and sole stockholder of LeBow Holdings, Inc. and a director and officer of LeBow Gamma, Inc.
(2) Mr. LeBow is the sole trustee of LeBow Epsilon Investments Trust.
(3) Delivery of 1,375,895 shares in payment of the exercise price in connection with the exercise of 3,878,317 employee stock options on 6/12/08.
(4) Represents a transfer from LeBow Epsilon Investments Trust to LeBow Gamma Limited Partnership.

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