Director jailed for dishonest conduct
Former company director Tania Michele Oakley has received a two-year jail sentence after pleading guilty to three criminal charges related to misleading investors.
She will serve six months of the 24-month sentence.
Oakley was charged with using investor funds for personal gain between 6 March 2006 and 16 April 2007 while she was the sole director of the purported investment company Tanoak Pty Ltd.
She used approximately $766,900 of investor funds to purchase a house after the funds were invested with Tanoak for the purchase of equities on behalf of investors.
False statements were also issued to approximately 10 investors between 6 March 2007 and 16 April 2007 by Oakley to cover losses she made from trading the investors' funds.
Oakley was also sentenced on charges that between 27 January 2009 and 1 November 2009 she carried on a financial services business without holding an Australian financial services licence.
The charges were brought by the Australian Securities and Investments Commission (ASIC) which said it would not tolerate dishonest behaviour by investors.
"When the conduct of gatekeepers like directors is in complete contrast to the standards the public expect them to uphold, we will act," ASIC deputy chairman Belinda Gibson said.
ASIC wound up Tanoak and another business of which Oakley was sole director, Fintel Financial Intelligence, in June before Oakley pled guilty in July.
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