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Litigation Release No. 18684 / April 27, 2004

Accounting and Auditing Enforcement
Release No. 1993 / April 27, 2004

Securities and Exchange Commission v. Dennis A. Bakal, et al., United States District Court for the Northern District of Georgia, Civil Action No. 1:03-CV-2909-CC

On April 22, 2004, the Honorable Clarence Cooper, U. S. District Judge for the Northern District of Georgia, entered a Final Judgment as to defendant William S. Cole (Cole), controller of Professional Transportation Group, Ltd., Inc. (Professional Transportation), a trucking business headquartered in Marietta, Georgia. The judgment enjoined Cole from further violations of Sections 10(b), 13(a), 13(b)(2)(A) and 13(b)(5) of the Securities Exchange Act of 1934 and Rules 10b-5, 12b-20, 13a-13 and 13b2-1 thereunder. Cole consented to the entry of the judgment without admitting or denying any of the allegations of the Commission's Complaint. Cole was also ordered to pay a civil penalty in the amount of $25,000.

The Complaint alleges that Cole and others engaged in a scheme to inflate the company's net income by recording sales and receivables actually earned by another trucking entity controlled by Professional Transportation's majority shareholder. This scheme caused the company to fraudulently report a cumulative net profit of $1.4 million for the six months ended June 30, 2000, instead of a net loss of $1.7 million.


Modified: 04/27/2004