Bioelectronics Corp (BIEL)

[4toSchool]

If you read the SEC filings found at this link, you'll learn that the Whelan family invested a nominal amount of money in BIEL, they've lived for two decades off the proceeds of the illegal sales of unregistered shares of BIEL stock, and through self-dealing, they have aggregated ill-gotten convertible notes which they can convert to take about 67% of the equity of the company.

In contrast, individual investors have contributed tens of millions of their hard-earned dollars to keep the BIEL dream alive. Currently, independent shareholders own in excess of 98% of BIEL. Again, the Whelans can exercise the convertible option of their ill-gotten notes to reduce our equity position from around 98% to about 33%. There is a real risk here.