If you tell me that an object has velocity $\omega r$, it will have velocity $\omega r$. There's nothing stopping me from imagining a nonphysical/theoretical point moving this fast. If you tell me that a physical particle of something, or something that moves at this speed, has this velocity, I will tell you that you're wrong when $\omega>c/r$, and I'll give answers like I am answering the question "why can't an object travel faster than $c$". It's a consequence of special relativity that an object travelling at less than the speed of light, with only finite forces applied to it, will always travel at less than the speed of light.
For an object with mass to start orbiting, you have to accelerate it. To accelerate it, you have to pump energy into it. As you exhaust the Earth's power grid by pumping more and more energy into it, you find that its velocity increases: $.99c$, $.999c$, $.9999c$, $.99999c$, and so on, until Earth's energy resources are exhausted and the particle is still moving slower than light.
To answer your question, you can apply the above formula to see that $\omega$ can only approach $c/r$ from below. Special relativity is what prevents it from happening!