VANCOUVER, May 10 /CNW/ - In a settlement agreement with the British
Columbia Securities Commission, B.C. resident Theodore Nitta has
received a 15-year market ban.
Between 2001 and 2008, Nitta, a former insurance agent and mutual funds
salesman, distributed approximately $3.5 million in securities of
Venturex Global Investment Corporation to approximately 50 investors.
Nitta and Venturex have admitted to contravening securities laws by
trading and distributing securities without registration and without
filing a prospectus. Additionally, Venturex failed to file the required
exempt distribution reports.
The majority of investors that purchased Venturex securities through
Nitta were also his insurance and mutual fund clients.
Nitta is prohibited, with limited exceptions, from trading securities
for 15 years. He is also prohibited, for the same period, from becoming
or acting as a registrant or promoter; acting in a management or
consultative capacity in connection with the securities market; and,
engaging in investor relations.
Nitta has agreed to take all necessary steps to wind up Venturex and
distribute any remaining assets to investors. Venturex has been
permanently cease-traded by the commission.
As he is unemployed with no assets and substantial liabilities, and is
also a defendant in five civil legal proceedings brought against him by
investors, Nitta has no prospect of being able to pay the $150,000 that
would otherwise be appropriate for his misconduct.
The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the
province. You may view the settlement agreement on our website www.bcsc.bc.ca by typing in the search box, Theodore Nitta or 2011 BCSECCOM 211. If
you have questions, contact Richard Gilhooley, media relations,
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE British Columbia Securities Commission
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