Former company director jailed

The Australian Securities and Investments Commission (ASIC) has announced that a former investment company director has been sentenced to 2 years jail on charges brought by ASIC.

Tania Michele Oakley of Noosa, Queensland, appeared for sentencing in Maroochydore District Court on 3 September 2012 after pleading guilty to three criminal charges relating to her role as the sole director of a purported investment company, Tanoak Pty Ltd, between March 2007 and November 2010.

Ms Oakley was sentenced to 24 months jail but ordered to serve 6 months.

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 13 November 2010, Ms Oakley issued false statements to about 10 investors to cover losses she had made from trading investors' funds.

Ms Oakley also carried on a financial services business between 27 January 2009 and 1 November 2009 without holding an Australian financial services licence.

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