Tenet Healthcare ( THC) director Maurice DeWald is no stranger to investor discontent. DeWald and another Tenet director -- former Nebraska Sen. Bob Kerrey -- have attracted scrutiny for selling Tenet stock shortly after an analyst raised concerns about the company's Medicare billing practices. Since then, those concerns have boiled over into federal investigations that have sliced two-thirds off the hospital chain's market value. But DeWald is under fire at another company as well. Although his biography on Tenet's Web site makes no mention of it, DeWald also serves as one of two directors at Omnigon, a private California start-up that -- after years of promises and capital injections -- has little to show for its efforts except a still-unproven technology that has never been commercially deployed. DeWald, a major Omnigon shareholder, recently acknowledged that the company has been "operating on fumes for a good six months." With Omnigon nearly broke, and its Carlsbad, Calif., headquarters shuttered, some investors are now saying the company misrepresented its prospects in order to raise $35 million in a series of private placements. Even longtime investors, introduced to Omnigon before DeWald joined the company five years ago, are throwing blame DeWald's way. "He had an obligation to keep the shareholders apprised of what was actually going on," said Nancy Romonaco, who estimates her total Omnigon investment at nearly $500,000. "Everything was so hopeful -- always about how we were about to acquire the rights and services of this company or that person, leading toward all these wonderful things that were already in the process. "But nothing ever happened." Michael Whitney, a financial consultant whose business associates poured millions into the venture, says Omnigon routinely offered rosy projections that he believes had little -- if any -- chance of coming to fruition. Whitney says he based his conclusion on a year's worth of research, collecting official Omnigon documents and interviewing Omnigon investors, consultants and former employees. Omnigon recently sued Whitney, who shared much of his findings with TheStreet.com, alleging defamation and interference with its business.