In March, the stock-promotion site MarketWatchGuru.com posted a favorable profile of Omni Ventures. Domain records show that Rowe - the subject of an earlier Sharesleuth report -- registered that site, using the same address and phone number as Going Public.
MarketWatchGuru.com said Omni Ventures "is funding 240 apartments, an elaborate water park/family fun center, and a modular home manufacturing facility for the Nambe Pueblo in Santa Fe, New Mexico." It also said that Omni Ventures -- which listed just $2,126 in cash in its latest SEC filing - was working with three Indian tribes on projects worth $170 million.
But Herbert Yates, chief executive of the Nambe Pueblo Development Corp., told Sharesleuth that the apartments, water park and factory have not advanced beyond the proposal stage. He said the chief executive of Omni Ventures has been trying for two years to raise the money for those projects, without success.
"Come here and break ground, and I'll believe it's happening,'' he said.
MarketWatchGuru.com said on its disclosure page that it received just over 12 million shares of Omni Ventures' stock "from an affiliate of Omni Ventures" as compensation for its services. It said it intended to sell those shares.
MarketWatchGuru.com didn't identify the affiliate. Nor did it file a Form 13D with the SEC, which is required of any individual or group that acquires 5 percent or more of a company's shares.
Since Omni Ventures went public, its stock has risen from 15 cents a share to the current price of $1.01, although trading has been minimal.
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