Bioelectronics Corp (BIEL)

[Det_Robert_Thorne]

The SEC initial decision was unfavorable to BIEL

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

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