Australia Bans Financial Adviser for 10 Years Over Alleged $9.6 Million Crypto Scam
June 13, 2025 – In a significant regulatory move, Australia’s financial markets regulator, the Australian Securities and Investment Commission (ASIC), has imposed a 10-year ban on financial adviser Glenda Maree Rogan. The ban is connected to Rogan’s alleged involvement in a cryptocurrency scam that defrauded her clients of approximately AUD 14.8 million (around USD 9.6 million).
Allegations of Deception
ASIC’s ruling, announced on Thursday, outlines serious allegations against Rogan, including the deceptive management of client funds. The regulator claims that between March 2022 and June 2023, Rogan misled her clients, family, and friends into believing they were investing in a high-yield fixed-interest account. Instead, it is alleged that she funneled their investments towards a crypto exchange known as Financial Centre, which has been flagged as a potential scam by ASIC.
In a concerning report, the agency asserted that Rogan began transferring these funds into personal and corporate bank accounts, subsequently converting the majority into cryptocurrencies which were then sent to the suspicious platform. ASIC contends that Rogan might have had suspicions regarding the legitimacy of Financial Centre dating back to at least October 2022. #### Background and Investigation
Rogan held a multifaceted role as an accountant, financial adviser, and director at a company consortium called Fincare, with operations in Sutherland and Wollongong—locations situated south of Sydney. According to ASIC, her role encompassed a significant breach of trust, characterized by misleading her clients about the nature, risks, and liquidity of the investments to secure their participation.
The 10-year ban, which officially went into effect on June 6, was enacted due to ASIC’s belief that Rogan is currently unfit to operate within the financial services industry. Additionally, it was stated that she has not held a valid Australian Financial Services License since February 8, 2024. Rogan’s name has been included in ASIC’s ban and disqualified register.
Ongoing Investigations
The investigation into Rogan’s activities remains ongoing. Under the terms of her ban, she is prohibited from providing any services related to financial services or controlling any businesses that engage in such services. However, Rogan retains the right to appeal the ASIC’s decision through the Administrative Review Tribunal.
Regulatory Measures Against Crypto Scams
The crackdown on Rogan comes amid broader efforts by Australian authorities to combat cryptocurrency fraud. Recently, Australia’s national financial intelligence agency has introduced new operational rules and transaction limits for crypto ATM operators to mitigate the risks of scams. Additionally, measures have been taken against dormant registered crypto exchanges, urging them to withdraw their registrations or face cancellation to prevent exploitation by malicious actors.
The regulatory landscape for cryptocurrency in Australia is rapidly evolving as authorities strive to protect consumers and establish a safer investment environment amidst the growing popularity of digital currencies.
Conclusion
This case underscores the necessity for vigilance among investors, particularly in the unregulated realm of cryptocurrencies. As ASIC continues its investigations, the financial community in Australia remains watchful of developments in regulatory enforcement to ensure compliance and foster trust within the investment landscape.