In a shocking turn of events, Angela Oakley, the wife of former NBA star Charles Oakley, and her cousin have been banned for life from the Financial Industry Regulatory Authority (FINRA).
The controversy centers around allegations of a fraudulent loan scheme involving the unauthorized use of a grandmother’s identity.
This scandal has thrust Angela, a self-described “Finance & Real Estate Mogul,” into the spotlight for all the wrong reasons.
Angela Dionne Reed, now known as Angela Oakley, married Charles Oakley, a beloved NBA legend, on July 30, 2016.
The couple shares four children and has built a life that, on the surface, appears glamorous.
Angela, who joined the cast of The Real Housewives of Atlanta (RHOA) in Season 16, has established a reputation for success.
Her Instagram bio proudly touts her as a finance and real estate mogul, suggesting a savvy businesswoman with a knack for wealth-building.
Charles is a retired NBA star known for his determination on the court.
He has started various businesses, including a restaurant. Together, they seemed unstoppable—until the FINRA ban changed everything for them.
The Alleged Loan Scheme Unraveled
In 2023, FINRA published a list of individuals barred from its organization. This means they cannot work with any FINRA member. One name on the list is ANGELA DIONNE REED.
According to reports, Angela and her cousin orchestrated a scheme that involved taking out a $17,000 loan in the name of her cousin’s grandmother, who was allegedly unaware of the transaction.
This unauthorized loan, processed through Wachovia Bank, dates back to before 2008, when the bank reportedly wrote off the full amount as a loss due to its unpaid status.
The allegations paint a troubling picture. Of the $17,000 loan, $11,000 was supposedly used to cover a payment on Angela’s personal mortgage, while the remaining $6,000 was split between Angela and her cousin.
None of the money, according to claims, was used for the grandmother’s benefit, nor was she informed of the loan’s existence.
This misuse of someone’s identity, especially a vulnerable family member, has sparked outrage among those following the story.
A Reddit user, citing FINRA documents, summarized the allegations bluntly:
Angela Oakley, banned from FINRA for life, took out a $17k loan in her grandma’s name without grandma’s permission, used that money to pay for her mortgage and split it with her cousin, no money or profit were given to grandma!!!!!
byu/Prudent-Experience-3 inBravoRealHousewives
The post sparked online discussions, with many expressing shock at the betrayal of trust.
FINRA, a private American corporation that regulates brokerage firms and exchange markets, plays a critical role in maintaining ethical standards in the financial industry.
When allegations of misconduct arise, FINRA investigates and can impose severe penalties, including lifetime bans.
For Angela and her cousin, the consequences were dire.
The lifetime FINRA ban means they are permanently barred from working in any capacity with FINRA-regulated firms, effectively derailing any future in the financial industry.
The ban arises from the unauthorized loan and the subsequent failure to repay it.
Although the incident occurred years ago, its resurfacing has raised questions about Angela’s professional conduct and her claims to be a licensed financial expert.
The severity of the punishment underscores FINRA’s zero-tolerance policy for identity fraud and financial misconduct.
The Story Spread Through Blogs, YouTube, and social Media, Increasing The Attention On The Allegations
A YouTube channel called KEMPIRE released a video detailing the scandal, referencing a blog post from Lipstick Alley that exposed Angela’s past.
The video included a now-deleted tweet from Angela, where she appeared to address the fraud allegations. In the tweet, she wrote:
“Yall give me my tea!! I can spill it better… this is FINRA! I’ve always been compliant and licensed and knew it would take to be ‘investigated’… All my Licenses are Still Intact! Opening fraudulent bank accounts to survive #FAKENEWS”
Via lipstickalley
The tweet, which Angela quickly removed, suggested she disputed the claims, claiming that her professional licenses remained unchanged and dismissing the accusations as “fake news.”
However, the deletion of the tweet raised suspicions, with some speculating it was an attempt to distance herself from the controversy.
Media Take Out, known for its bold exposés, published an article claiming to have documents that confirm the allegations against Angela.
The outlet presented evidence allegedly showing her involvement in the loan scheme, further fueling public interest in the story.
People are curious how Angela will respond to the allegations. Will she clarify her side or focus on her career and family?
Her RHOA Season 16 appearance may provide an opportunity to share her story or increase the scrutiny.
Charles Oakley, who has remained relatively quiet about the controversy, may also face questions about his wife’s actions.
Angela Oakley and her cousin’s alleged actions have sparked a broader conversation about trust, family, and accountability in the world of finance.
In Case You Didn’t Know
- Charles Oakley’s wife, Angela, earned her degree in accounting and finance from DePaul University.
- Currently, she has been serving as the chief executive of OfficerOakley Financial Consulting since 2021.
