Replies to post #71408 on Bioelectronics Corp (BIEL)

[RVC]

You-honestly-think-Biel-execs-did-not-know-this-was-coming --> www.sec.gov/litigation/admin/2016/33-10036.pdf
Review the details
o setting up family member single individual companies,
o establishing loans for said single family member companies,
o selling shares through these single family member companies

During the relevant period, respondents BIEL, IBEX, St. John’s, Whelan
and Kelly Whelan effected the offerings as follows: when BIEL needed funds to continue
its operations, IBEX sold hundreds of millions of unrestricted BIEL shares in dozens of
unregistered transactions, at the request of Whelan, directly to third party purchasers at a
discount to then current market prices. IBEX retained a percentage of the money obtained
from the sales but funneled the rest to BIEL, and, in return, BIEL provided both a
“convertible loan” to IBEX and a new grant of unrestricted shares which, in effect, replaced
the shares IBEX sold. When each of these “loans” came due, after one or two years’ time,
BIEL “renegotiated” them by providing IBEX with additional purportedly unrestricted
shares in return for extending the loan’s due date. BIEL never repaid any of the “loans” in
cash. These transactions were not registered with the Commission.

Starting in mid-2010 and continuing into at least early 2012, BIEL used
St. John’s to provide financing using the same type of transaction. BIEL raised over a
million dollars through these offerings in approximately 17 transactions. These
transactions were not registered with the Commission.

[srinsocal]

The whole process is strange. The recipient of the Administrative Proceeding does not have the right to depose the SEC's witnesses or view all of the evidence that the SEC used to develop its case. What happened to the right to face your accuser?

[NoPinkScams]

If you read the SEC filing you'll see the shares were unrestricted and unregistered.