Bioelectronics Corp (BIEL)

[stockdarockk]

Looks like...all findings...will go the SECs way...NOT-GOOD...for BIEL.

Wow...There is no way BIEL survives...based on what the government is seeking now. So much for those thinking fines of a couple thousand. Millions wont be able to be paid back. Illegal share selling will cease, also not helping, and BIEL cant survive without bankruptcy and even then is a long shot if a fine imposed is covered by bankruptcy. Most of the time they arent and thats why companies who do illegal things go under and out of business.

Buying into this mess, likely to lose it all. Should have taken warning of the SEC mess on the table. Ignoring could be very costly.

I applaud the government and its findings to finally put an end to this scam family and its share selling scheme. Way over 5 Million will be needed once fees, and interest is calculated.

Even BIELs managements response shows this finding will end this company for good. FINALLY!!!

Guys read the new files posted today. ITS OVER FOR BIEL. From BIEL themselves in response. First they still attack the SEC, and then show, that this crushes us. Oh well, shouldnt have broken the law. BIELs word folks. ITS DONE!!!!!!!!!!!!!!!

https://www.sec.gov/litigation/apdocuments/3-17104-event-115.pdf

The Division's relief requested would annihilate <<<What a great word to use a promising medical device development company and the family
who has dedicated their lives and substantially all of their financial resources to bringing an innovative and inexpensive drug free pain relief device to consumers.

Read all docs word for word guys.

BIEL is DONE!!!!!!!!!!!!!! Nothing is in their favor. Being mislead was no excuse.

No one can say the WARNINGS werent there, and heavily documented by many.

THE SANCTIONS..SOUGHT BY THE DIVISION...ARE APPROPRIATE..AND..IN-THE-PUBLIC-INTEREST....................................
A. Permanent Cease-and-Desist Orders are Warranted ................................. 36
B. The Evidence Supports the Disgorgement and Prejudgment
Interest Sought by the Division ................................................................. 38
C. The Evidence Supports the Civil Penalties Sought by the Division ......... .43
D. Respondents Have Not Established Inability to Pay ................................ .45

Such a damning file right here folks. If you read nothing else, read this doc. Shows much false and illegal activity. I will have all of this submitted to DTC tomorrow so the "chill" can also be looked into.
https://www.sec.gov/litigation/apdocuments/3-17104-event-116.pdf

III. THE SANCTIONS SOUGHT BY THE DIVISION ARE APPROPRIATE AND IN.
THE PUBLIC INTEREST <<<Love it... Future, not current...
The sanctions sought by the Division are appropriate and in the public interest. 127
Respondents' arguments to the contrary: (i) ignore the evidence-including evidence of Andrew
and Kelly Whelan's willfulness, scienter, and lack of remorse; (ii) hinge on a good-faith reliance
on accountants and counsel defense that this Court already has rejected and as to which there is
little or no evidence; and (iii) improperly suggest that this Court should take into consideration
the alleged inability to pay of BIEL, IBEX, and St. John's, as to which Respondents have
adduced little proof.128 This Court should reject Respondents' arguments and impose the
sanctions sought by the Division, which are tailored to redress the public harm caused by
Respondents' violations of Sections 5 and 13.
A. Permanent Cease-and-Desist Orders are Warranted
The egregiousness of Respondents' conduct, 129 the likelihood of continued misconduct, and the harm to the public-as well as all of the Steadman factors discussed in the Division's Initial Brief-demonstrate that cease-and-desist orders are necessary to prevent Respondents'future violations of Sections 5 and 13.

Make sure to really read pages 36 to 45, over and over. Oh ITS OVER BIEL!!! No more "slap on the wrist", "only a couple grand fine" stuff now. Its millions. Over 4.6 not counting interest and other fees. Can you say BANKRUPTCY???

The Division seeks disgorgement of $4,246,266, plus prejudgment interest, from Andrew Whelan, BIEL, Kelly Whelan, and IBEX. 138 The Division also seeks disgorgement of $397,196.70, plus prejudgment interest, from Andrew Whelan, BIEL, and St. John's. 139 These
figures represent a reasonable approximation of Respondents' ill-gotten gains.


Just an example...

BIEL also admits to falsifying sales when YESDTC was around. Sad, really sad... Not unexpected though.
B. Respondents Concede that BIEL Falsely Reported the eMarkets and
YesDTC Transactions as Bill and Hold Sales

Respondents have no response to three critical facts concerning the eMarkets and
YesDTC transactions:
1. BIEL recorded the YesDTC and eMarkets transactions as "bill and hold sales" in the
2009 10-K.
2. The transactions were not bill and hold sales.
3. BIEL falsely classified the transactions as "bill and hold sales" in the 2009 10-K. 102
The 2009 10-K was thus false as a matter of law and uncontested fact. These misstatements
were material, as set forth in the Division's Initial Brief and further below .. Nor were these
merely "timing" issues, as BIEL incorrectly claims. 103 The transactions were never properly
classified as bill and hold sales (or traditional sales) and never should have been recorded.