Replies to post #89282 on Bioelectronics Corp (BIEL)

[Gramps]

Well if what you're insinuating is true, then who knows, maybe they have more than enough pocketed to pay the disgorgement and have money left to spare. Haha

[Bieldog]

this sickens me pg 41 : they all lied

Moreover, as to IBEX, Respondents' contention that IBEX did not profit from its illegal
conduct is flatly contradicted by Kelly Whelan's own testimony. Ms. Whelan stated that when
she sells BIEL convertible notes, she sometimes retains the interest portion of the note, which is
how she makes money.
142 Ms. Whelan also insisted that the reason why she makes loans to
BIEL, receives in exchange convertible notes, and sells them to parties who then distribute them
to the public is because it is profitable to her. Tr. 452:6 (K. Whelan: "I made money doing it.");
id. at 482:17 (same); id at 512:6-12 (K. Whelan: "Sometimes I do it because, you know, I want
to buy a car or take a trip or do some remodeling to my house. Sometimes I've done it because I
wanted to make another investment in BioElectronics at a lower stock price than the previous
note. It made economic sense for me to do it, so I did it."); id at 1062:2-4 (K. Whelan:
testifying that she has used profits to support herself); see also Resp. Br. at 33 ("The intent at
acquisition was always to become wealthy once BioElectronics obtained FDA approval of its
medical device for general retail sale without prescription in the United States."). Although Ms.
Whelan was careful not to quantify precisely how much money she made during the Relevant
Period from her illegal distributions of BIEL stock, her own testimony makes clear that she did
profit.