College Honor Code.. PLEASE HELP!

Recently, a student and I have been unrightfully accused and convicted of an "Honor Code" violation. Unfortunately, our case was determined guilty based upon two other student's eyewitness speculations. However, those two students were suspicious and speculating. Based only upon the emails sent by these students, we have been found guilty and must fail the course and receive a 2 year permanent mark on our academic records. We vehemently denied any sort of cheating, and the only reason we were found guilty was because of the email testimonies of two students. Why are these two witnesses' opinions and voices more credible and important than the voices of ours? Essentially, the case was 2 students vs. 2 students, and the other team's opinions were found to be more important than our own.
The Honor Council who decides the verdict is made up of students and the sanction is recommended by them as well.
The witnesses are given their testimonies not under oath. As far as credibility of evidence given to the Council for our case is stated in the Honor Code handbook as follows..
"All evidence, regardless of whether it meets the test of admissibility of rules of evidence, shall be elicited by the Honor Council. Witnesses will testify without oath and signed statements may be submitted from unavailable witnesses."

I have been unrightfully and unjustly accused and found guilty of a violation I did not commit. The only evidence is from those two students who were suspicious, which was also not described in great detail.
Should I seek legal advice regarding this situation, or is it hopeless? The Dean of the Honor Code told me it would be a waste of money and time on my part... but I feel like those were just words to scare me away from taking legal action.

You certainly have a right to challenge it legally.

Email World Law Direct on the home page to discuss and/or consult with a few local lawyers. You need not accept that "verdict"