Bioelectronics Corp (BIEL)

[4toSchool]

WHAT?!?!?!? "Biel Did Nothing Wrong"

Well maybe not Biel, But Andy Whelan, Patricia Whelan, and Kelly Whelan, sure did a lot wrong.

Here's just a sample of what they did wrong.

For years, the Whelan's have pull on the heartstrings of many investors.

We've been repeatedly told that borrowing from IBEX and St. John's was needed to "make payroll and keep the lights on."

How did Patricia Whelan, St. John's, LLC, come to claim being owed 20,792,944,394 shares*** of BIEL? Purportedly she loaned money to BIEL "so that BIEL could keep its lights on". However, Andy borrowed money from IBEX for payroll**, he then designated a portion of the borrowed money as his salary, and caused BIEL to transfer the money directly to St. John's, after which St. John's loaned the money back to BIEL at outrageous terms. Terms that according to the SEC caused "substantial harm to investors"*. This "egregious and repetitive misconduct"* significantly contributed to Patricia's "accumulation" of shares. No wonder the SEC repeatedly used the terms "ill-gotten gains" and "self-dealing" to describe the Whelan family. BIEL clearly didn't need to borrow money if the money was immediately reinvested in St. John's. What was the purpose of this self-dealing? To increase the wealth of the Whelan family. Patricia now claims that BIEL owes her $5,289,037, as of 12-31-2019***

Andrew J. Whelan’s salary at BIEL has been paid to St. John’s. - SEC Document found at this link.

Did Kelly follow her dad's example and reinvested the money she took from BIEL and loan the same money back to BIEL at outrageous terms?

Kelly Whelan’s relationship to BIEL was that of a company insider, and she was privy to all aspects of BIEL’s business. Indeed, at various times she was a valued member of BIEL’s staff, performing bookkeeping services, and communicating with potential customers using a BIEL email address. Kelly Whelan attended BIEL Board meetings and was included in BIEL Board communications at which her investments were discussed. She received both cash and securities as compensation for her work at BIEL. - SEC Document, page 3, found at this link

The SEC spoke to the character of the Whelans:

The Commission's determination of civil penalties is based on the Steadman factors 139-in particular, the egregious and repetitive nature of Respondents' misconduct, and the substantial harm to investors SEC document, page 42, found at this link.

Because Patricia and Kelly accumulated millions of dollars in notes simply by churning loans, taking a minutia of risk, if any, they should write down the $10 million in notes. Shareholders have already been harmed by the scheme. While the Whelans have lived for the past 15-20 years by diluting shareholders' investments. It adds insult to injury to make shareholders pay the Whelans $10 million.

IT IS TIME FOR A SHAREHOLDER VOTE TO ELECT DIRECTORS. WE SHOULD ELECT DIRECTORS THAT ARE FREE OF CONFLICTS OF INTEREST. DIRECTORS THAT HAVE NO HISTORY OF SELF-DEALING, NOR OF KEEPING ILL-GOTTEN GAINS. DIRECTORS WITH STRONG MORAL AND ETHICAL STANDARDS. THE BY-LAWS OF BIOELECTRONIC CORPORATION LEGALLY PROVIDE ALL SHAREHOLDERS THE RIGHT TO VOTE. CONTACT THE BOARD OF DIRECTORS AND DEMAND THAT YOUR RIGHTS ARE HONORED.


* SEC document, page 42, https://www.sec.gov/litigation/apdocuments/3-17104-event-143.pdf
**Kelly Whelan funded BIEL payroll. https://www.sec.gov/litigation/apdocuments/3-17104-event-143.pdf Page 8 footnote
*** 2019 Annual Report: https://backend.otcmarkets.com/otcapi/company/financial-report/243332/content