ASIC Bans Rogan 10 Years for A$14.8 Million Crypto Scam

In a significant move to curb financial misconduct, the Australian Securities and Investments Commission (ASIC) has imposed a 10-year ban on Glenda Maree Rogan, a former financial adviser. The ban, effective from June 6, prohibits Rogan from offering financial services or holding any management role in the industry. This decision follows an investigation into Rogan's activities between March 2022 and June 2023, during which she allegedly misled clients and funneled approximately A$14.8 million (about US$9.6 million) into a cryptocurrency scam.

Rogan, who operated under the Fincare group of companies in Sutherland Shire and Wollongong, presented the investment opportunity as a high-yield fixed-interest account. However, the funds were converted into cryptocurrency and transferred to wallets linked to the Financial Centre, a UK-based trading platform that was flagged on ASIC’s Investor Alert List. ASIC concluded that Rogan likely knew or suspected the platform's illegitimacy by late 2022. The money was first moved through bank accounts controlled by Rogan and her personal company before disappearing into offshore wallets.

ASIC's investigation found Rogan's conduct to be deceptive and unfit for the financial services industry. The regulator also expressed concern that Rogan was likely to reoffend if allowed to remain in the industry. Rogan had served as a director in several Fincare companies and was an authorized representative of Private Wealth Pty Ltd until February this year. Her name now appears on ASIC’s banned and disqualified register, although she has the right to appeal the decision to the Administrative Appeals Tribunal. ASIC's investigation into the matter is ongoing.

Rogan’s case is part of a broader crackdown on crypto-related misconduct in Australia. The growing adoption of digital assets has brought increased risks, with Australians losing at least A$180 million to crypto investment scams in a single year. Notably, A$3 million of that was linked specifically to crypto ATM scams between January 2024 and January 2025. The regulator hopes that bans like Rogan’s will send a clear message that misleading investors and exploiting trust in emerging technologies will not go unchecked.