Financial Adviser Caught in Crypto Scam, Banned for a Decade

• Rogan told victims that their funds were going into a high-yield fixed interest account, instead of crypto. 
• From June 6 onwards, a ten-year ban has been imposed. Also, Rogan will not be able to perform any function in a financial services business.

An Australian financial adviser has been accused of stealing $9.6 million from clients to invest in a crypto scam, resulting in a ten-year ban. 

On June 11, the Australian Securities and Investments Commission informed about the scam through a statement mentioning that the accused, Glenda Maree Rogan, had shifted funds of clients to a crypto-based investment scam between March 2022 and June 2023. 

The statement further mentioned that Rogan works as an authorised representative of Private Wealthy Pty Ltd and the Fincare group of firms, Rogan falsely influenced clients, and misled them about the nature, risks, and liquidity of the investment. 

From June 6 onwards, a ten-year ban has been imposed. Also, Rogan will not be able to perform any function in a financial services business or handling such bodies. ASIC claimed that Rogan told victims that their funds were going into a high-yield fixed interest account, instead of crypto. 

She also falsely claimed clients were dealing with her as a Fincare representative. She transferred investor funds to bank accounts managed by her and her personal company. The major portion of the funds was transferred to crypto and sent to wallets managed by a body known as the Financial Center. 

ASIC Strictly Overseeing Scams 

The Financial Centre is allegedly a trading platform from the United Kingdom which is so far on ASIC’s blacklist. The regulators of Australia have been focusing on crypto-associated fraud in the past few years, having ASIC claiming to have assisted in the closure of around 615 crypto investment scams, as per the report released in August 2024.

In May, ASIC introduced civil proceedings against ex-ACX.io director Liang Allan Guo in the matter of the exchange’s collapse. The customers have claims surpassing $20 million. The ban on Rogan has been listed on ASIC’s banned and disqualified register. 

However, she has the right to appeal to the Administrative Review Tribunal, while the scrutiny of ASIC into her conduct continues.

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