Replies to post #329118 on Bioelectronics Corp (BIEL)

[srinsocal]

It looks like KW/IBEX were reinvesting almost all of the proceeds from the sale of converted shares to fund BIEL. In one period mentioned, 1/2010 - 2/2015, IBEX took in $4 million and reinvested $5 million. Due to other sources of financing being unavailable the IBEX loans and reinvestments were essential in keeping the lights on at BIEL.

"Kelly Whelan founded IBEX sometime before 2005 with money raised by taking funds from her personal savings and other sources, with the intention of investing in her father's company, BioElectronics." (page 5)

"Overall, from January 2010 through February 9, 2015, IBEX received approximately $4 million from the Liquidating Entities and sent approximately $5 million to BIEL." (page 7)

[art2426]

Oh how quickly they forget about that SEC investigation of the WHELANS and this company. Yeah, I guess if you are still an investor, THAT is something you would like to conveniently forget.

By the way, did they ever pay that SEC fine? And if it was paid, who paid it? Was it the Whelans personally or the company (ie stockholders)?