Per Kelly Whelan's own testimony during the SEC lawsuit, she extracted millions of dollars from BioElectronics' market-cap through the lending scheme through IBEX and her father.
She is not the actions of a "friendly Lender" and she shouldn't be CEO; President; Treasurer and Executive Board Member.
All I see is self-serving actions riddled with conflicts of inters, some of which were deemed illegal by the SEC. How is she our leader?
Patricia Whelan jumps in as a self-appointed Chairman of the Board. Does anyone actually know the number of shares she owns? I doubt that it is the majority of AS. Also, what is the compensation of her daughter Kelly? Has anyone ever seen a Schedule 13D form filed by BIEL, which is an SEC requirement? We have a right to know when a person or group of persons acquire a significant ownership stake in BIEL. This is generally measured as holding more than 5% of a voting class of its publicly traded securities. How do we know that Patricia even holds 5%? By law, we can infer that she has less than 5% because they've never filed Schedule 13D. So, either:
1. they are out of compliance on another SEC regulations, or
2. Patricia and Kelly don't own 5% of BIEL
Either way, I think that they are disqualified from serving on the board unless duly elected by the stockholders, pursuant to the Articles of Incorporation and By-Laws.
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