Former company director pleads guilty to criminal charges
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.
Recommended for you
Far too few wealth managers are capitalising on the opportunity presented by disruptive technology to deliver personalised investment solutions to the mass affluent demographic, according to PwC.
With over half of advisers using managed accounts, HUB24’s head of managed portfolios has unpacked the benefits driving their usage and how they can be leveraged by advice practices.
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
ASX-listed platforms HUB24, Netwealth, and Praemium have used their AGMs to detail how they are using artificial intelligence to improve their processes and the innovative opportunities it presents.
