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Monday, January 09, 2017 11:44:00 AM
Judge Elliot's initial decision, which has yet to be finalized by the SEC commission -- which is why the SEC has been able to successfully argue in the DC Court of Appeals that Judge Elliot is an employee, not an appointed judge -- was unfavorable to BIEL and the Whelans.
Here's the pertinent info from a post I wrote a few weeks ago:
$1.8M Disgorgement, $780K penalties, and barring of Whelans
Here are the important takeaways from the SEC's Initial Decision
Disgorgement of ill-gotten gains:
BIEL, IBEX, A & K Whelan: $1,580,593, plus interest from March 1, 2105
BIEL, St John's, A Whelan: $240,293, plus interest from April 1, 2014
Total Disgorgement: $1.821M, plus interest
Civil Penalties
St John's: $650,000
A Whelan: $130,000
Total penalties: $780,000
BIEL itself didn't have to pay penalties because of its anemic financial condition.
Permanent penny stock barring:
Andrew Whelan
Kelly Whelan
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=127245186
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