SEC v. BioElectronics Corp. IBEX, LLC St. John's, LLC Whelan and others (unregistered distributions, 2018)

Judgment entered

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In 2018 the SEC settled an administrative order against BioElectronics Corp., IBEX, St. John's and the Whelans for unregistered stock sales and accounting violations, with $191,640 of disgorgement.

The record

What was ordered

Civil penalty

—

Disgorgement

$192k

Prejudgment interest

—

Total relief

$192k

Alleged gain

—

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

On December 21, 2018 the SEC accepted a settlement with BioElectronics Corp., IBEX, LLC, St. John's, LLC, Andrew J. Whelan and Kelly A. Whelan. The order finds they sold BioElectronics stock in unregistered transactions, violating Securities Act Sections 5(a) and 5(c), and finds BioElectronics and Andrew Whelan recorded revenue on two bill-and-hold transactions in a Form 10-K. It orders $166,640 in disgorgement from four respondents jointly and $25,000 from three, $191,640 in all, with penny stock bars on both Whelans. The $650,000 penalty the record previously showed comes from the earlier administrative law judge decision the order recounts, not from this order, which imposes no penalty. The record also garbled the respondents' names.

This library tags the matter as unregistered distributions, based on the conduct the document describes. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Unregistered distributions — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2018-12-21 Administrative proceeding instituted (cease-and-desist)

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC order

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.