Nitta banned for 15 years

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.