You can save time and just read the Initial Decision, but it's ALL good reading.
Note that BIEL had until Friday Feb 3rd to file the Petition for Review (the "appeal"). According to the previous post, apparently the CEO said the company is "in the process of appealing" which means they filed their Petition on time.
Because if they missed that deadline, the SEC is notorious for not accepting late Petitions.
Nothing has been updated since January 13th. The absence of a Feb 3rd entry doesn't mean BIEL didn't file -- it just means the site hasn't been updated. The next update will be one of two things: BIEL filed their Petition on Friday the 3rd, OR the SEC is going to change the Initial Decision to a Final Decision and BIEL and the Whelans must pay the disgorgement and civil penalties within 21 days, also, the Cease and Desist orders go into effect.
The odds are very strongly in favor of BIEL filing their petition in a timely manner.
They took advice from a supposed CPA about how to run a rolling line of credit using shares, were not told they had to register shares and so most shares they sold to close family companies (IBEX and St Johns) should have been registered and weren't. They also had an end of year transaction for supply to Joe Noel for his Japan distributorship that was deemed not valid ( was shipped to corner of warehouse and ultimately no delivery took place) The filing and transcripts make it sound like they were worse than Bernie Madoff but all boils down to not registering shares and one end of year transaction.
The family have made money off the share dealings but would have if they had been registered, all was disclosed in filings somshareholders knew what was happening. A lot of money made was used to set up U.K. And Canadian business.
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