Former investment company director pleads guilty following ASIC investigation

The Australian Securities and Investments Commission (ASIC) has announced that Tania Michele Oakley, of Noosa, Queensland, has pleaded guilty to three criminal charges following an ASIC investigation.

The charges relate to Ms Oakley's role as the sole director of a purported investment company, Tanoak Pty Ltd, between March 2007 and November 2010.

ASIC alleged that between 6 March 2007 and 16 April 2007, Ms Oakley gained a financial advantage for herself by using approximately $766,900 of investor funds to purchase a house. The funds had been invested with her company to purchase equities on behalf of investors.

Further, between 1 June 2009 and 30 November 2010, Ms Oakley issued false statements to about 10 investors to cover losses she had made from trading investors' funds.

ASIC also alleged that Ms Oakley carried on a financial services business between 27 January 2009 and 1 November 2009 without holding an Australian financial services (AFS) licence.

The majority of the investors to which the charges relate live on the Sunshine Coast, Queensland, while some also reside in Brisbane, Sydney and Canberra.