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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
BRYAN DIGITRAN SECURITIES FUTURE VIOLATIONS EXCHANGE COMMISSION ACCOUNTING DIGITRAN SYSTEMS DONALD JAMES CIVIL DISTRICT COURT COMPLAINT ACT MISLEADING STATEMENTS SALES LEASES SIMULATORS FINANCIAL CONDITION PRESIDENT ALLEGED MISCONDUCT CHIEF FINANCIAL OFFICER SUFFICIENT INTERNAL ACCOUNTING INTERNAL ACCOUNTING CONTROLS AUDITORS CONNECTION AUDIT THEREUNDER |
SECURITIES AND EXCHANGE COMMISSION
Litigation Release 15467 / September 2, 1997
Accounting and Auditing Enforcement
Release No. 949 / September 2, 1997
SEC v. Digitran Systems, Inc., Donald G. Gallent and James R. Bryan,
Civil
Action No. 94C-NC-173C (USDC UT).
The Commission announced that on August 18 and August 20,
respectively, The Honorable Tena Campbell of the U.S. District Court
for
the District of Utah issued Final Judgments of Permanent Injunction
against
Donald G. Gallent (Gallent) and James R. Bryan (Bryan). Gallent and
Bryan,
who consented to the orders without admitting or denying the
Commission's
allegations, were enjoined from further violations of the antifraud
and
reporting provisions of the federal securities laws. The court
waived
disgorgement and determined not to impose civil penalties based on
the
demonstrated inability of the defendants to pay.
The Commission's Complaint, filed on December 29, 1994, against
Digitran Systems, Inc. (Digitran), Gallent, and Bryan, alleged that
Digitran made false and misleading statements concerning the
company's
sales and leases of simulators and about its financial condition and
operations. The Complaint also alleged that Gallent, the president
of
Digitran at the time of the alleged misconduct, and Bryan, Digitran's
chief
financial officer at that time, failed to maintain sufficient
internal
accounting controls and misled Digitran's auditors in connection with
an
audit of Digitran's financial statements for the fiscal year ended
April
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