Sham investment adviser caught

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