Australia’s financial watchdog has banned a former adviser from the industry for 10 years after discovering she misled clients and funneled nearly $9.6 million into a suspected crypto scam.
The Australian Securities and Investments Commission (ASIC) alleges that Glenda Maree Rogan misrepresented a scam platform called Financial Centre as a legitimate high-yield investment.
💰 Client Funds Misused, Sent to Suspicious Crypto Exchange
Between March 2022 and June 2023, Rogan reportedly collected AU$14.8 million from clients, friends, and family, claiming the funds would be invested in a fixed-interest, high-return product.
Instead, ASIC says she transferred the money into personal and business accounts, converted much of it into crypto, and sent it to Financial Centre, a platform flagged by regulators as unlicensed and untrustworthy.
⚠️ Misrepresentation and Deception Alleged
Rogan allegedly told clients the investment was safe, downplaying risks and liquidity concerns, which ASIC says was intended to induce participation in the fraudulent scheme.
She was a director at Fincare, a group of firms in Sutherland and Wollongong, and worked as an accountant and financial adviser between 2014 and 2024.
🧾 ASIC’s Ban and Ongoing Investigation
ASIC issued the ban effective June 6, stating that Rogan:
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Is not a fit and proper person
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Lacks competence to provide financial services
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Is likely to breach financial services laws
Rogan has not held an Australian Financial Services License since Feb. 8, 2024, and the case remains under investigation.
She may appeal the decision to the Administrative Review Tribunal.
🇦🇺 Australia Ramps Up Crypto Oversight
This case highlights Australia’s widening crackdown on crypto-related fraud:
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June 3: New rules targeting crypto ATMs and scams introduced
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April: AUSTRAC asked inactive crypto exchanges to withdraw registration
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February: Over 50 crypto and remittance firms under investigation
As regulators tighten control, this case reinforces the risks of unlicensed crypto schemes masquerading as legitimate investments.
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