Bioelectronics Corp (BIEL)

[4toSchool]

While I agree that the SEC's use of Administrative Law Judges was unconstitutional, that doesn't mean that those found guilty by the ALJ's were innocent. Based on my reading of the pertinent documents available at SEC Document https://www.sec.gov/litigation/apdocuments/ap-3-17104.xml which includes the testimony of the Whelan family members (KW, AW, MW), I draw the conclusion that they were guilty of violating SEC rules. Rules that are meant to protect investors.

After the Supreme Court ruling, the SEC was faced with scheduling hundreds, if not thousands, of retrials. I believe that BIEL, having made a settlement offer, and having no money, was not worth the SEC's time.

Keep in mind that years earlier the State of Maryland also fined AW for selling unregistered shares and he agreed to never repeat that criminal behavior. Based on the subsequent events, AW didn't fulfill his agreement to cease-and-desist.

Keep in mind that the SEC levied fine now sits on BIEL's balance sheet as a liability to be paid with company dollars. This is an insult to injury as KW has defrauded investors of their assets, was fined by the SEC, and her victims will pay the SEC fine.