Australia Bans Financial Adviser for a Decade Over $9.6M Crypto Scam

Australia’s financial watchdog, the Australian Securities and Investments Commission (ASIC), has imposed a 10-year ban on Glenda Maree Rogan, a former financial adviser, after alleging she channelled $9.6 million of her clients’ funds into a cryptocurrency scam.

ASIC claims Rogan, who previously served as an accountant and director at Fincare in Sutherland and Wollongong, misled clients, friends, and family between March 2022 and June 2023. She reportedly promised high-yield, fixed-interest investments but instead transferred their money to her personal and company accounts before converting the majority into cryptocurrency. The funds were then sent to the Financial Centre, a platform ASIC has labelled unlicensed and untrustworthy.

ASIC asserts Rogan should have suspected the platform’s legitimacy as early as October 2022. Despite this, she continued to assure clients about the safety and liquidity of their investments.

ASIC’s ban, effective from 6 June 2025, prevents Rogan from providing any financial services or controlling any related business. The regulator cited concerns about her competence and suitability to operate in the financial sector. Rogan has not held a valid Australian Financial Services License since February 2024. She retains the right to appeal the decision while ASIC’s investigation is ongoing.

This case highlights Australia’s intensified efforts to combat crypto-related fraud. ASIC and the Australian Transaction Reports and Analysis Centre (AUSTRAC) have recently tightened regulations, including new rules for crypto ATM operators and a crackdown on unregistered exchanges. In 2023, Australians lost over $1.3 billion to investment scams, many of which involved cryptocurrencies and sophisticated tactics, such as deepfakes and phishing.

Authorities urge investors to verify the legitimacy of platforms and remain sceptical of high-return promises. The rapid evolution of scam tactics, including AI-generated endorsements, continues to pose a challenge to both regulators and the public.

Meanwhile, five individuals have pleaded guilty to their roles in a sprawling $36.9 million cryptocurrency fraud scheme that defrauded U.S. citizens and funneled the stolen funds to a scam hub in Cambodia, according to the U.S. Attorney’s Office for the Central District of California.

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