Australia’s financial regulator has banned a New South Wales financial adviser from providing financial services for a decade, alleging she deceptively invested nearly AU$15 million ($9.6 million) of her clients’ money into a suspected cryptocurrency scam.
The Australian Securities and Investments Commission (ASIC) announced on Thursday that Glenda Maree Rogan has been banned for 10 years after an investigation found she allegedly transferred AU$14.8 million entrusted by clients, friends, and family into a platform it described as a potential scam.
Between March 2022 and June 2023, Rogan allegedly diverted funds from clients to personal and company accounts, then converted much of the money to cryptocurrency before sending it to an entity called Financial Centre. ASIC has warned that Financial Centre is an unlicensed operator and “should not be trusted.”
According to ASIC, Rogan should have had doubts about the legitimacy of the platform as early as October 2022. Despite this, she continued to assure clients they were investing in a high-yield fixed-interest product, allegedly misleading them about the risks and access to their funds.
Rogan had operated as an accountant, financial adviser, and director at Fincare Group, which ran offices in Sutherland and Wollongong, south of Sydney, from May 2014 until early February 2024. ASIC stated that she has not held an Australian Financial Services License since February 8 this year.
The regulator’s ban, effective June 6, prohibits Rogan from providing financial services or controlling any related business. She may appeal the decision through the Administrative Appeals Tribunal. ASIC confirmed its investigation into Rogan’s activities remains ongoing.
Neither Rogan nor ASIC responded immediately to requests for further comment.
The ban comes as Australia tightens its oversight of the crypto sector amid rising scams. Earlier this month, the Australian Transaction Reports and Analysis Centre (AUSTRAC) introduced new compliance rules and limits for crypto ATM operators. In April, AUSTRAC pressured inactive crypto exchanges to cancel registrations to curb misuse by fraudsters and recently took action against multiple remittance providers and exchanges over compliance concerns.
ASIC continues to urge the public to verify any financial services provider’s license status before investing.
