Former insurance agent and mutual funds salesman banned from B.C. markets for 15 years

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, 604-899-6713.

Learn how to protect yourself and become a more informed investor at www.investright.org

SOURCE British Columbia Securities Commission

For further information:

Richard Gilhooley
604-899-6713 or
(Canada)   1-800-373-6393


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