Thanks for making the Cease/Desist scope clear NI
AW and KW can not participate in the offering of a Penny Stock.
" In particular, a penny stock bar (as opposed to an officer and director bar) would seemingly not prohibit A. Whelan from running BIEL, or prohibit K. Whelan from lawfully selling her BIEL notes. A permanent penny stock bar will be imposed as to both A. Whelan and K. Whelan."
The company, BIEL, has had no sanctions imposed by the SEC that prohibit them from continuing operations. All of the fear mongering about the SEC halting BIEL was wrong.
The AP Judge gave an Initial Decision, if it is upheld by the SEC Commission, which will dwindle to 2 members (the normal is 5) when Commission Chair Ms. White leaves in January, Defendants can Appeal the decision to the SEC. If the Defendant feels that they still have not received justice an Appeal to the Federal Courts is the next step. This process would be measured in years not months.
"Law360, New York (July 24, 2015, 8:02 PM EDT) -- The U.S. Securities and Exchange Commission has taken on average six months longer to decide appeals of agency administrative proceedings and other matters during Mary Jo White's tenure as boss than it did under her predecessor, a Law360 analysis of agency data has found.
Law360 examined five years of commission opinions, from July 2010 through June 2015, covering comparable amounts of time under White and former Chair Mary Schapiro. The long delay in rendering opinions of the commission — averaging nearly a year and a half over the course of White’s term"
"At the moment the commission has 69 appeals pending before it, 24 of which are over SEC administrative proceedings, according to data from the agency."
"Between 2011 and 2014, the commission decided about 14 to 18 appeals annually, according to Law360’s review of SEC opinions published online between July 1, 2010 and June 30, 2015."
