Former company director pleads guilty to criminal charges

23 July 2012
| By Staff |
image
image
expand image

A former director of a purported investment company has pleaded guilty to three criminal charges following an Australian Securities and Investments Commission (ASIC) investigation.

The matter was heard in Noosa Magistrates Court on 18 July 2012 and the charges relate to the conduct of Tania Michele Oakley of Noosa during her role as sole director of Tanoak between March 2007 and November 2010.

She pleaded guilty to one count of directly or indirectly gaining an advantage for herself, one count of engaging in dishonest conduct in relation to a financial product or service while carrying on a financial services business and one count of carrying on a financial services business without holding an Australian financial services licence.

The regulator alleged that between 6 March 2007 and 16 April 2007 Oakley gained a financial advantage for herself by using approximately $766,900 of investor funds to purchase a house.

Between 1 June 2009 and 30 November 2010, she issued false statements to around 10 investors to cover losses she had made from trading investors' funds, ASIC alleged.

ASIC stated that the majority of investors affected by Oakley's conduct reside on the Sunshine Coast, while some others are located in Brisbane, Sydney and Canberra.

Oakley was committed for sentencing at a later date in the Maroochydore District, with the matter being prosecuted by the Commonwealth Director of Public Prosecutions.

On 13 June 2012, ASIC obtained a consent order in the Supreme Court of Queensland to wind up Tanoak and Fintel Financial Intelligence - another company of which Oakley was sole director.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 4 days ago