UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
April 27, 2005
ADMINISTRATIVE PROCEEDING
File No. 3-11912
In the Matter of
ePhone Telecom, Inc., and
National Institute Companies of America, Inc.,
Respondents.
ORDER INSTITUTING
ADMINISTRATIVE
PROCEEDINGS AND NOTICE OF
HEARING PURSUANT TO
SECTION 12(j) OF THE
SECURITIES EXCHANGE ACT
OF 1934
I.
The Securities and Exchange Commission (“Commission”) deems it necessary
and appropriate for the protection of investors that public administrative proceedings be,
and hereby are, instituted pursuant to Section 12(j) of the Securities Exchange Act of
1934 (“Exchange Act”).
II.
After an investigation, the Division of Enforcement alleges that:
A.
RESPONDENTS
1.
ePhone Telecom, Inc.1 (“EPHO”) (CIK 1085082) is a Florida corporation
located in Herndon, Virginia with common stock registered with the Commission under
Exchange Act Section 12(g). EPHO is delinquent in its periodic filings, having last filed
a periodic report for the period ending June 30, 2003, and has an inactive status with the
Secretary of State of Florida. EPHO reported assets of $1,373,733, liabilities of
$3,363,117, and a net loss of $3,747,644 for the six months ending June 30, 2003.
EPHO’s common stock was quoted on the Pink Sheets as of February 7, 2005. For the
six months ending November 18, 2004, EPHO had an average daily trading volume of
37,020 shares.
2.
National Institute Companies of America, Inc. (“NICM”) (CIK 1096858)
is a New York corporation located in Carnegie, Pennsylvania with common stock
registered with the Commission the Exchange Act Section 12(g). On August 20, 2004,
the Commission obtained a permanent injunction against NICM in the United States
District Court for the Western District of Pennsylvania. Securities and Exchange
1
The short form of each Respondent’s name is also its stock symbol.
Commission v. National Institute Companies of Ame