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The Australian securities regulator has enacted a ten-year prohibition on a former financial adviser who allegedly redirected millions in client assets into a cryptocurrency scheme masquerading as a fixed-income investment.
The Australian Securities and Investments Commission, known as ASIC, revealed on Thursday that Glenda Maree Rogan is prohibited from providing financial services or holding any managerial position in the sector for the next decade. This ruling took effect on June 6.
ASIC Determined Adviser Deceived Investors With Misleading Claims, Channeling Funds To A Flagged UK Crypto Platform
Rogan, who previously operated in Sutherland Shire and Wollongong under the Fincare group of companies, was found to have participated in misleading conduct from March 2022 to June 2023.
During this timeframe, she misappropriated at least A$14.8 million, approximately US$9.6 million, from clients, friends, and family into what ultimately turned out to be a cryptocurrency fraud.
To attract investments, Rogan deceived clients by marketing the product as a high-yield fixed-interest account.
In truth, the funds were converted into cryptocurrency and sent to wallets associated with the Financial Centre, a UK-based trading platform identified on ASIC’s Investor Alert List. By late 2022, ASIC determined that Rogan likely knew or suspected the platform was fraudulent.
Former Adviser’s Name Added To National Banned Register As ASIC Pursues Additional Action
The funds initially passed through bank accounts managed by Rogan and her personal company. Subsequently, they vanished into offshore wallets.
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Consequently, ASIC stated it found her unsuitable for employment in financial services. The regulator also cautioned that she was likely to reoffend if permitted to remain in the industry.
Rogan had held directorial positions in several Fincare companies. She was also an authorized representative of Private Wealth Pty Ltd until February of this year.
Currently, her name is listed on ASIC’s banned and disqualified register. Nevertheless, she retains the right to contest the decision before the Administrative Appeals Tribunal. In the meantime, ASIC confirmed that its investigation into the situation is ongoing.
Australia Confronts Dark Side Of Crypto Boom
Rogan’s situation is part of a broader effort to address crypto-related misconduct in Australia. Digital assets have consistently gained mainstream acceptance throughout the nation. By 2025, approximately 32.5% of Australian adults have owned or currently own cryptocurrency, amounting to an estimated 6.2 million individuals.
Australian authorities have charged four individuals over a scheme that allegedly laundered $123 million through businesses and crypto.#Australia #amlhttps://t.co/uV1errA8TV
— Cryptonews.com (@cryptonews) June 9, 2025
However, this increasing adoption has introduced heightened risks. Australians lost at least A$180 million to crypto investment scams within a single year. Notably, A$3 million of that was specifically associated with crypto ATM scams between January 2024 and January 2025.
The regulator aims to ensure that bans like Rogan’s convey a clear message: misleading investors and taking advantage of trust in emerging technologies will not go unpunished.
The post Australia Slaps 10-Year Ban on Adviser Over $9.6M Crypto Scam appeared first on Cryptonews.
