How do you propose that Stereophile justify rejecting these ads, in the absence of any demonstrated wrongdoing or illegal acts on the part of this company?

It seems to me that the company has a legal right to place an ad, unless Stereophile has a specific policy that would apply, which seems doubtful.

Any comments on current policies, Stereophile?

The subject of the "white van" ads was covered in May, in this thread:

http://forum.stereophile.com/forum/showflat.php?Cat=0&Number=7956&an=0&page=0#Post7956

It's worth reading through the thread. JA explains how the editorial and advertising departments of the magazine are quite separate.