Bioelectronics Corp (BIEL)

[GetSeriousOK]

What the Commission said in the Final Bedwell Order:

https://www.sec.gov/litigation/admin/2016/34-79176.pdf

This is the final order in the case -- the "results" -- and it's from the Commission, not from the Division's prosecutors.

7. Contrary to its disclosures and Generally Accepted Accounting Principles (“GAAP”), BIEL improperly recognized revenue on the two bill and hold transactions.

12. Bedwell did not make himself knowledgeable about the client through his own actions or the actions of those who worked under him. He failed to determine that BIEL was a high risk audit client, as was evidenced by the lack of adequate accounting staff, the presence of related party transactions, and the hundreds of millions of shares BIEL had issued to the public despite its size and the share price.

When they publish the final order in the case against the Five Who Fought, they will have to edit that last sentence to say "the BILLIONS of shares BIEL had issued to the public despite its size and the share price."

Geez.