Australia’s Financial Regulator Bans Adviser for 10 Years Over 14.8 Million Dollar Crypto Scam

Australia’s financial regulator has taken decisive action against a former financial adviser, Glenda Maree Rogan, imposing a 10-year ban on her from offering financial services. The ban, effective from June 6, 2025, follows allegations that Rogan deceptively invested her clients’ funds into a cryptocurrency-based investment scam, resulting in losses totaling 14.8 million Australian dollars ($9.6 million).

Between March 2022 and June 2023, Rogan allegedly transferred her clients’ funds to personal and company bank accounts before converting a majority of the money into cryptocurrency and sending it to the Financial Centre, a platform listed as unlicensed and untrustworthy by the Australian Securities and Investment Commission (ASIC). Rogan, who was an accountant, financial adviser, and director at a group of companies called Fincare, is accused of misleading clients about the nature, risks, and liquidity of the investment to induce them to invest.

ASIC’s investigation revealed that Rogan had suspicions about the legitimacy of the Financial Centre as early as October 2022. Despite this, she continued to transfer funds to the platform, leading to significant financial losses for her clients, many of whom were family and friends. Rogan’s actions were deemed dishonest and unauthorized, posing significant risks to investors and the financial services industry.

The ban on Rogan is one of the strongest penalties imposed by ASIC in recent years, reflecting the regulator's commitment to cracking down on misconduct related to cryptocurrencies. This case is part of a broader regulatory push in Australia to address the misuse of digital assets and protect consumers from the high risks associated with cryptocurrencies. Rogan has the option to appeal the decision to the Administrative Appeals Tribunal, but her name has already been added to ASIC's list of banned and disqualified individuals. Ongoing investigations into her actions are underway, and it remains unclear whether she will face criminal charges.

The ban serves as a strong deterrent to others in the industry, sending a clear message that dishonesty and the misuse of cryptocurrencies will not be tolerated in Australia's regulated financial system. This action underscores the importance of regulatory oversight in protecting investors from fraudulent activities and ensuring the integrity of the financial services industry. Rogan’s case highlights the need for vigilance and transparency in financial advising, particularly when dealing with high-risk investments such as cryptocurrencies.