Omnicity Corp (fka OMCY)

[sidedraft]

Yesterday's decision to Revoke was an initial decision, with the company being allowed a final 21 day window to satisfy the SEC:

SUMMARY
This Initial Decision revokes the registrations of the registered securities of IVI
Communications, Inc. (IVII), Omnicity Corp. (OMCY), Precision Petroleum Corporation (PPTO),
PSB Group, Inc. (PSBG), Sustainable Power Corp. (SSTP), Whitehall Jewelers Holdings, Inc.
(n/k/a WJ Holdings Liquidating Company) (WHJH) (collectively, Respondents).1 The revocations
are based on Respondents’ repeated failure to file required periodic reports with the Securities and
Exchange Commission (Commission).

.................

I. BACKGROUND
This Initial Decision shall become effective in accordance with and subject to the provisions
of Rule 360 of the Commission’s Rules of Practice, 17 C.F.R. § 201.360. Pursuant to that Rule, a
party may file a petition for review of this Initial Decision within twenty-one days after service of
the Initial Decision. A party may also file a motion to correct a manifest error of fact within ten
days of the Initial Decision, pursuant to Rule 111 of the Commission’s Rules of Practice, 17 C.F.R.
§ 201.111. If a motion to correct a manifest error of fact is filed by a party, then that party shall
have twenty-one days to file a petition for review from the date of the undersigned’s order resolving
such motion to correct a manifest error of fact. The Initial Decision will not become final until the
Commission enters an order of finality. The Commission will enter an order of finality unless a
party files a petition for review or a motion to correct a manifest error of fact or the Commission
determines on its own initiative to review the Initial Decision as to a party. If any of these events
occur, the Initial Decision shall not become final as to that party.

http://www.sec.gov/litigation/admin/2014/34-71916.pdf

[sidedraft]

OMCY Revoked:

http://www.sec.gov/alj/aljdec/2014/id585cff.pdf

[Renee]

OMCY SEC Suspension:

http://www.sec.gov/litigation/suspensions/2014/34-71754.pdf

Order:

http://www.sec.gov/litigation/suspensions/2014/34-71754-o.pdf

Admin Proceeding:

http://www.sec.gov/litigation/admin/2014/34-71753.pdf

[Lowjack]

Sam, you should be waiting to see what happens over the next couple of weeks! Put some silver in your pocket.

[TOUCAN]

.02+ insight for this one

OMCY

[LGL8054]

I am not promoting just correcting the company and I also thought I read that the new company only bought the assets in Omnicity not the Co.

[DBS]

Good luck and be careful! Just saying...

[LGL8054]

The guy that you talk to don't understand how a public company works, OMCY is the stock symbol not the company, the company is Omnicity and Omnicity applied for the symbol and never canceled it after the BK.

[TOUCAN]

OMCY was .25 back in 2009-2010!

see this 5yr chart:
http://www.profitspi.com/stock/view.aspx?v=price-and-chart&p=18973&i=OMCY&pv=recent-symbols&pp=OMCY#&&vs=635154944212233607

[amc]

I think there's some confusion that needs to be cleared up. It's interesting though that the http://www.omnicitycorp.com link takes you to the http://broadbandnetworks.com/home/? link. Also, according to the following description on Bloomberg BusinessWeek it was Omnicity Corp that changed it's name to Broadband Networks Wireless Internet and now operates as a subsidiary of Broadband Networks Inc..

http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=OMCY

[TOUCAN]

yep, super thin here... most MMs in the .02+

OMCY

[amc]

A few ask slaps and this is back over .01.

[TOUCAN]

i have a few shares here

[DBS]

You're right Green, here's an email I received...


Just got back from a business trip and found their reply:


-------Original Message-------

From: jeffrey king
Date: 9/9/2013 1:01:29 PM
To: [e-mail]
Subject: OMCY


Broadband Networks did NOT purchase OMCY. The company Broadband Networks acquired out of bankruptcy was Omnicity, Inc. -leaving OMCY as a stand alone company with no connections to Broadband Networks, or Omnicity, Inc.

I have no other information.

[LicharTin]

i am not surprise at all, i have seen uncovered stocks ran like crazy in days so i put my money where i believe in and u can have ur own opinion and i can have my own opinion its my money and u dont need to tell people what to do as long as u are not losing money

[$Green$]

Surprise, surprise. Worthless shell has no buyers, c'mon!

[LicharTin]

another zero volume today

[retireat40]

OMCY zero volume today...

[retireat40]

I have passed the info on this to the SEC and DOJ...we'll see if it does any good.

[TheFinalCD]

agreeeeeeeeee

I got sucked in myself, and sold for a LO$$

[$Green$]

When a company is especially dark and nobody is trading it like OMCY was, you can bet there's a good reason for it. JMO

[WarMachine]

Yep! CONS hard at work. This company STINKS

[TheFinalCD]

wow what a under world these penny stock's are!

[HDOGTX]

Wow no wonder the cause of recent buying/covering, time to get to work....

[$Green$]

Obviously, if there were any exciting developments for OMCY it would've been PRd. No one is buying this, it will soon be back at .001 or less with 0 volume. Mr Market knows better than to buy OMCY

[$Green$]

SOME REAL OMCY NEWS - AUG 31, 2013 Omnicity lured teen to invest, state says


Omnicity lured teen to invest, state says

Chris O'Malley
August 31, 2013


State securities regulators allege that principals of Omnicity Corp. goaded a 19-year-old to invest $100,000 from his inheritance into the wireless broadband firm so that it could clinch the purchase of an Ohio carrier in 2010.

Tanner Byall, now 23, is still awaiting the return of his principal, plus 8-percent interest, along with $28,000 he alleges the company promised to reimburse him for the tax consequences of cashing out the bulk of his 401(k) inheritance just months after his father died.

The Indiana Securities Division has filed an administrative complaint seeking answers from Omnicity’s former chairman and big investor, Richard Beltzhoover of Carmel, along with former CEO Greg Jarman and former Chief Operating Officer David A. Bradford.

Jarman and Bradford were retained at Rushville-based Omnicity when its assets were purchased out of bankruptcy last December by locally based Broadband Networks Inc.

Unsecured creditors in the bankruptcy say they’re owed more than $3.9 million. By some accounts, investors had plowed $6.7 million into Omnicity since its founding in 2003.

For Byall, the investment loss is doubly heart-wrenching.

“That’s all my dad left me with and I gave it all up, pretty much,” he said of the $155,000 inheritance from his father, Doug Byall.

Beltzhoover, one of the three former Omnicity principals named in the complaint, blames Jarman and Bradford, saying they misled him and Byall about the condition of the company.

“They basically lied to him,” Beltzhoover told IBJ.

State alleges fraud

The state’s complaint, filed Aug. 9, says that Byall in 2009 was introduced to Jarman, Beltzhoover and Bradford by his mother, Laurie Byall, of Hartford City, who was a human resources employee at Omnicity.

Investigators say the three Omnicity principals offered the teen an opportunity to invest in a note that could be redeemed at the end of two years—or converted to Omnicity stock at 35 cents a share.

The state alleges Jarman told Byall the company’s stock price “would dramatically increase” in the months ahead, as Omnicity continued acquiring other rural wireless carriers. Tanner Byall said he walked away thinking his $100,000 could be worth $300,000 if all went according to projections.

The teen was told his investment would help Omnicity complete the acquisition of Ohio-based Lightspeed Network Solutions, which would become the 10th company Omnicity acquired over 14 months.

The deal was important to Omnicity because it was to add $1.5 million in annual revenue and another 3,600 subscribers. At the time, Omnicity had about 8,400 subscribers and $1.7 million in revenue.

“In April 2010, Jarman told Tanner that Omnicity was very close to the acquisition of Lightspeed … and needed Tanner’s … investment to complete the transaction,” the securities division said.

With the teen reluctant to take a tax hit from cashing in the 401(k) he inherited, the Omnicity principals promised to reimburse him for the $28,000 tax bill, the state’s complaint alleges.

The complaint says Byall never received a formal note, and that interest payments were paid only during the first year, then ceased.

The note came due on April 2012 but never was repaid.

The Securities Division is seeking return of Byall’s investment, the promised $28,000 in tax reimbursement, and 8 percent interest.

It also proposes civil penalties against Jarman, Beltzhoover and Bradford of $10,000 for each of six alleged violations of state securities laws, which include fraud, misrepresentation and acting as unregistered brokers.

Messages left with Jarman and Bradford at Omnicity successor Broadband Networks were not returned.

The Securities Division has given the three former principals 15 days to respond and is set to conduct an administrative hearing this month.

Other investors burned

The solicitation from a teenager who’d just lost his father is one of many issues still swirling around the once-fast-growing Omnicity and, by default, its successor, Broadband Networks.

Former board chairman Beltzhoover, along with David Weddell, the company’s former vice president of business development, told IBJ they grew increasingly alarmed about the way Omnicity was being managed and about its growing financial losses.

Weddell said that, in early 2011, he met with Beltzhoover and other investors, including Carmel resident Richard Reahard, about their concerns.

“What they were being told at the board meetings was fabrication,” Weddell said.

He noted that Omnicity management around that time ceased filing financial reports with the Securities and Exchange Commission. Weddell alleges management concluded the consequences of failing to make required filings were less dire than the consequences of coming clean about Omnicity’s bleak finances.

Beltzhoover and Reahard that summer wrote a letter to the board recommending that Jarman and Bradford be terminated, Weddell said.

Instead, Beltzhoover was removed from the board, and Weddell said he was terminated.

Beltzhoover said that at one point he had a handshake deal to sell Omnicity to one of the partners in the group that later bought it out of bankruptcy at a far lower price. He alleges the deal in bankruptcy was prearranged by top Omnicity executives, noting that Jarman and Bradford stayed on after Broadband Networks took over.

Beltzhoover figured he’d helped raise around $5 million for the company over the years and said he’s owed at least $500,000. Reahard, meanwhile, says he’s out $2.9 million.

In recent years, owners of wireless broadband firms that sold to Omnicity also sued the company, claiming they, too, were burned on notes that were not repaid.

Reahard said he was told by Omnicity management that the goal was to grow the company through acquisition and that he’d eventually receive a return when the company was sold to a bigger player. He said management told him Omnicity even had discussions about providing wireless broadband service to Ivy Tech Community College campuses around the state.

“You’d get to a certain critical mass and then a big player would be interested in buying you,” he said of the exit strategy.

After Omnicity collapsed, Beltzhoover was forced to file bankruptcy in 2011 and now relies on his Social Security income. “I’ve lost my house and my car and about everything else in my life.”

Fallout continues

Weddell said he was fired in retaliation for his meetings with Beltzhoover and Reahard in an attempt to have Jarman and Bradford booted. Also fired was Tanner Byall’s mother, Laurie.

She, Weddell and Beltzhoover tried to interest the FBI in pursuing fraud allegations but without success. Beltzhoover said he has 21 notebooks of company records.

“Unfortunately, we’re out of money to even hire an attorney,” said Weddell, who added that the bankrupt company owes him $65,000 in commissions for his work.

If the state prevails in its claims against former Omnicity principals, it’s unclear whether there are assets to make Byall whole or whether there might be implications for successor Broadband Networks.

Jeff King, a former executive vice president of Time Warner Cable and former president of Road Runner High Speed Online, who was named CEO of Broadband Networks in January, declined to say whether Jarman or Bradford still work for the company or to discuss allegations in the complaint.

“I cannot comment on any act of a party prior to November 2012,” when Broadband Networks acquired assets, he said.

As for Tanner Byall, the loss of his inheritance didn’t derail his postsecondary education. He recently graduated with an engineering degree from a school in Tennessee. He said his deceased father’s former employer, Weaver Popcorn, and its employees put together a fund to help him with educational expenses.

At the same time, his mother worries that his credit will be ruined, saying the Internal Revenue Service has been leaning on him regarding the $28,000 tax penalty for cashing in his inheritance.

“It’s a pathetic story,” Beltzhoover said, “about trusting people.”•

http://www.ibj.com/omnicity-lured-teen-to-invest-state-says/PARAMS/article/43280

[Ludar]

The trail of ruin isn't too hard to follow.
Look at the posters and how the stocks are doing after the earth breaking DD was exposed. LOL.

[$Green$]

This is what cause Omnicity Inc to go bankrupt:

http://www.ibj.com/rushville-broadband-firm-sued-by-companies-it-acquired/PARAMS/article/23006

OMCY would not retain any value after defaults and bankruptcy... Makes no sense at all to me

[retireat40]

All one needs to do is read part of the PR below. Omicity Corp (OMCY) sold Omnicity Inc as part of the 2011 bankruptcy process. Omncity Inc changed their name to Broadband Networks (probably because Omnicity had a terrible reputation for customer service). OMCY is NOT connected to Omnicity Inc/Broadband Networks. To say otherwise is simply not true.

Broadband Networks Wireless Internet Announced as New Brand Name for Omnicity, Incorporated

April 30, 2013

New name, logo reflect new management team and company values

INDIANAPOLIS - Broadband Networks has announced Broadband Networks Wireless Internet as the new brand name for the company formerly known as Omnicity, Incorporated. Broadband Networks purchased the Rushville-based, wireless broadband Internet service provider in December 2012.

[retireat40]

Unfortunately the DD is dead wrong.

[retireat40]

Complete garbage "DD" once again being posted here. OMCY is filed bankruptcy in 2011. Anyone who owns this now owns an empty shell that has no connection whatsoever with Omnicity Inc. To imply otherwise is just dead wrong. This DD is as bad as the DAN* and MGF* info.

[LicharTin]

Yes I am waiting for an update so while waiting I will add whenever I can. So far I still don't see anything wrong. If we are right this could be huge huge huge one

[HDOGTX]

anyone who cares to DD what they own does this:

OMCY TA confirmed they working w/Broadband yes..... this is huge...

$OMCY TA Info Transhare corp
englewood colorado
# Office [phone]

Spoke with cindy walker at the TA and she will be getting the updated information on the company then will update the OTC board.
she owns the OMCY account at that number above

she has OMCY on her desk and is working it
the ss and informaiton should be updated soon

This is huge, X-Time Warner VP new CEO Jeff King $OCMY

Quote:The new CEO of Omnicity is Jeff King, a former executive vice president for Time Warner Cable and former president of Road Runner High Speed On-Line

http://www.frostbrowntodd.com/newsroom-204.html

[retireat40]

Really? What part don't you understand??? OMCY is an empty shell with zero assets. If you buy OMCY stock that's what you now own. Nothing, zero, zilch, nada.

[LicharTin]

I still don't see anything wrong with it, anyway thanks for the warning I really appreciated that. I hope they file am 8k for this company or some kind of news to confirmed everything. Good luck bud

[retireat40]

Here's an article about it:
http://www.ibj.com/bankrupt-omnicity-acquired-for-876000-by-four-investors/PARAMS/article/38314

It says:

A group of four investors has acquired Omnicity Inc., a bankrupt provider of rural broadband services, by agreeing to pay off an estimated $876,000 in company bills.

[LicharTin]

I will look into bk document if I can find it but for now I don't see anything says omcy being private company or maybe I missed it

[retireat40]

It's in the BK filings. OMCY was a public entity that went bankrupt. All assets were sold to private investors. Omnicity was an asset of OMCY. OMCY is now just an empty shell. Holders of OMCY prior to BK were left with nothing. Tying OMCY to Omnicity now is like tying old GM stock to the new General Motors.

[LicharTin]

i added cuz i like to buy on rumor. could u show me the document if omnci corp and inc were severed? i was looking for it i couldnt find it maybe i need to look more in chapter 11 document

[retireat40]

I hope you didn't add based on the "DD" posted here. It's all wrong. OMCY is a shell left over from Omnicity's bankruptcy in 2011. The ties between Omnicity Corp and Omnicity Inc were severed during the Chap 11 process.

[LicharTin]

Added today

[ZIA SPIRIT]

Yup. Just a matter of time here.

[TheFinalCD]

yep! .004- .005 sellers kickin themselves with .0065x.0088 now

[HDOGTX]

OMCY heating up, eh???

[JRT]

OMCY My favorite kind of trade.

[WarMachine]

OMG! ANOTHER EMPTY SHELL SCAM PUMP~N~DUMP RUN!!!!!!

[$Green$]

Unfortunately, OTC Markets has not been updated since before Omnicity Inc went bankrupt. You will see under company details it says the latest report is from January 31, 2011. Broadband Networks redirected the old link to their site when they bought it. You may contact Broadband Networks to verify this info. Omnicity Inc is no longer OMCY

[pennyandy]

If you're not sure, go to OTC markets and click on the website link under company information for Omnicity. Voila! Answer!

http://www.otcmarkets.com/stock/OMCY/company-info

[retireat40]

Yet another false DD runner by the same group who seem to make a living doing this crap...

[Investoray]

$Green$, Great Post. You are correct!! GLTU