Bioelectronics Corp (BIEL)

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DISGORGEMENT AND ILL-GOTTEN GAINS:

Disgorgement is Defined by Cornell Law School as:

A remedy requiring a party who profits from illegal or wrongful acts to give up any profits he or she made as a result of his or her illegal or wrongful conduct. The purpose of this remedy is to prevent unjust enrichment.

The SEC ordered Kelly "ill-gotten gains" Whelan to disgorge ill-gotten gains in SEC Order found at this link:

December 21, 2018 CORRECTED ORDER MAKING FINDINGS AND IMPOSING REMEDIAL SANCTIONS AND A CEASE-AND-DESIST ORDER

7. F. Respondents BioElectronics, IBEX, A. Whelan, and K. Whelan shall, pay jointly and severally, disgorgement of $166,640 to the Securities and Exchange Commission for transfer to the general fund of the United States Treasury, subject to Exchange Act Section 21F(g)(3), as follows: (i) within 30 days of the entry of this Order, $16,640; (ii) within 180 days of the entry of this Order, $16,640; and (iii) within 365 days of the entry of this Order, $133,360. If timely payment is not made, additional interest shall accrue pursuant to SEC Rule of Practice 600.

7. G. Respondents BioElectronics, St. John’s, and A. Whelan shall, pay jointly and severally, disgorgement of $25,000 to the Securities and Exchange Commission for transfer to the general fund of the United States Treasury, subject to Exchange Act Section 21F(g)(3), as follows: (i) within 30 days of the entry of this Order, $2,500; (ii) within 180 days of the entry of this Order, $2,500; and (iii) within 365 days of the entry of this Order, $20,000. If timely payment is not made, additional interest shall accrue pursuant to SEC Rule of Practice 600.

BIEL shareholders deserve a lot more than an unlawful, fine ignoring, self-appointed rookie CEO.