Bioelectronics Corp (BIEL)

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SEC AND FDA WANTS Bioelectronics Public Removal.
http://www.bielcorp.com/bioelectronics-files-form-15-with-securities-and-exchange-commission/

http://www.fda.gov/ICECI/EnforcementActions/WarningLetters/2012/ucm292029.htm

http://www.sec.gov/litigation/admin/2016/33-10036.pdf

http://investorshub.advfn.com/uimage/uploads/2015/12/15/nqjzqBIEL_Article_15B.png

The Securities and Exchange Commission (“Commission”) deems it appropriate and in the public interest that public administrative and cease-and-desist proceedings be, and hereby are, instituted pursuant to Section 8A of the Securities Act of 1933 (“Securities Act”) and Section 21C of the Securities Exchange Act of 1934 (“Exchange Act”) against BioElectronics Corp., IBEX, LLC, St. John’s, LLC, Andrew J. Whelan and Kelly A. Whelan, CPA. The Commission further deems it appropriate and in the public interest that administrative and cease and cease-and-desist proceedings be, and hereby are, instituted pursuant to Section 15(b) of the Exchange Act against Andrew J. Whelan and Kelly A. Whelan, CPA. The Commission also deems it appropriate that public administrative and cease-and-desist proceedings be, and hereby are, instituted against Robert P. Bedwell, CPA pursuant to Sections 4C1 of the Exchange Act and Rule 102(e) of the Commission’s Rules of Practice.
1 Section 4C provides, in relevant part, that:
2
II.
After an investigation, the Division of Enforcement alleges that:
1. This matter involves inaccurate public disclosure and the unlawful distribution of securities by BioElectronics Corp. (“BIEL”) and related persons and entities. On March 31, 2010, BIEL filed with the Commission a Form 10-K for the period ending December 31, 2009, falsely recognizing revenue from two “bill and hold” transactions. These transactions overstated BIEL’s revenue by $366,000, or 47%. Additionally, from at least August 2009 until at least November 2014 (“the relevant period”), BIEL and respondents IBEX, LLC, St. John’s, LLC, Andrew J. Whelan and Kelly A. Whelan engaged in an illegal distribution of purportedly unrestricted securities involving the sale of hundreds of millions of BIEL shares. Affiliates, IBEX, LLC and St. John’s, LLC, sold purportedly unrestricted shares in unregistered transactions at a discount to then-current market prices. Andrew J. Whelan, President, CEO and the principal financial officer of BIEL, and Kelly A. Whelan, his daughter and the President of IBEX, LLC, orchestrated the illegal distribution. Approximately half of the proceeds of these sales were then “loaned” to BIEL and the other half was retained by the entities. The offerings were not registered with the Commission. Robert P. Bedwell’s failures to detect BIEL’s improper accounting, as the auditor responsible for auditing the financial statements included in BIEL’s Form 10K, constitutes improper professional conduct.