Bioelectronics Corp (BIEL)

[4toSchool]

$2 million is not a nominal investment, and all but a nominal amount of the $2 million came from investors buying unregistered shares of BIEL stock.

Where did you find that Kelly "ill-gotten gains" Whelan brought $2 million dollars into the IBEX-BIEL self-dealing relationship?

If you are referring to the very first note signed by Andy to Kelly, obligating her to produce $2 million dollars for BIEL? If so, you might need to look a little deeper.

FACTS:

The $2 million dollar note is dated 1-1-2005.

Kelly didn't start IBEC until 3-3-2005

Obviously the note was backdated, as was determined by the SEC.

The SEC described her initial funding of IBEX as "undocumented, nominal and that she never took on any additional investment risk."

How could she live for 15-years and still own BIEL notes valued in excess of $6 million?

Because she churned notes at insider self-dealing terms.

The SEC describes the beginning as Andy needed cash, he granted Kelly shares, she sold the shares, brought back the proceeds, kept some for herself, returned some to her daddy BUT SHE HAD HIM SIGN A NOTE BACK TO HER FOR THE SHARES HE HAD JUST GRANTED HER. No new money, except for investors money that bought the shares. The existing shareholders were getting screwed because Andy was diluting the hell out of BIEL, and not disclosing or registering the transactions.

WHERE AGAIN DID YOU SAY THAT KELLY BROUGHT $2 MILLION TO THE TABLE?