by Alan Thornhill
The director of a sham investment company, who used clients’ money to buy herself a house, has pleaded guilty to three criminal charges, in the Noosa magistrate’s court.
An investment watchdog, the Australian Securities and Investments Commission, investigated Ms Tania Michele Oakley, of Noosa, after receiving complaints.
The charges against her arose from Ms Oakley’s role as the sole director of what ASIC called “a purported investment company, Tanoak Pty Ltd.”, between March 2007 and November 2010.
ASIC told the court that Ms Oakley had 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,” ASIC said.
The commission said most of Ms Oakley’s investors live on the Sunshine Coast, Queensland, although others came from Brisbane, Sydney and Canberra.
Ms Oakley was committed for sentencing at a later date.
The charges to which Ms Oakley has pleaded guilty are -
* one count of directly or indirectly gaining an advantage for herself, carrying a maximum penalty of $220,000 or imprisonment for five years, or both, at the time of the offence
Alan Thornhill is a parliamentary press gallery journalist.
Private Briefing is updated daily with Australian personal finance news, analysis, and commentary.
Tuesday December 10
The Dow Jones index rose 6 points to 16,026
Holden boss Mike Devereux refuses to answer Productivity inquiry questions on government funding.
Acting PM Warren Truss writes to Mike Devereux seeking “a clear statement” on Holden’s future
In October 2013, the total number of owner occupied housing finance commitments rose 1.0 per cent:ABS
The Federal Treasurer, Joe Hockey, says the Mid-Year Economic and Fiscal Outlook will be released next Tuesday, at the National Press Club.
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