Australia’s financial watchdog has taken decisive action against a former adviser who allegedly diverted nearly $9.6 million into a cryptocurrency scam, deceiving clients, family, and friends.
Massive Fraud Using Fake Crypto Investment
The Australian Securities and Investments Commission (ASIC) announced that Glenda Maree Rogan has been banned from offering financial services for 10 years. The regulator claims Rogan falsely told clients their money was going into a high-yield fixed-interest account, but instead transferred $9.6 million into a suspected crypto scam between March 2022 and June 2023.
ASIC alleged the funds were sent to a platform called “Financial Centre”, which is unlicensed and blacklisted.
Client Deception and Unauthorized Activities
Rogan, who operated under her firm Fincare in Sutherland and Wollongong, allegedly misled investors about the nature, risk, and liquidity of the investment. She is also accused of funneling the money through personal and company accounts before converting it to crypto.
ASIC believes Rogan became aware of the suspicious nature of Financial Centre by October 2022 but continued to use it.
The regulator further noted that Rogan has not held a valid license to provide financial services since February 8, 2024, and has now been officially added to the banned and disqualified register.
Ongoing Investigations and Legal Ramifications
The ban, which became effective on June 6, is part of an ongoing investigation by ASIC. The agency said it has “reason to believe Ms. Rogan is not a fit and proper person” to participate in the financial services industry and that she is likely to violate financial laws again if permitted.
Rogan is barred from controlling or working in any business related to financial services and may appeal to the Administrative Review Tribunal.
Broader Crypto Crackdown in Australia
This case is part of a larger national crackdown on crypto-related fraud. On June 3, Australia introduced new operating rules for crypto ATM operators. In April, inactive crypto exchanges were warned to deregister or face cancellation.
In February, more than 13 remittance and crypto firms were targeted in enforcement actions, with over 50 others still under investigation for compliance breaches.