ASIC Financial Bans Advisor Over $14.8M Crypto Scam in Australia

Highlights:

• Glenda Rogan misled clients in a $14.8M crypto scam disguised as a fixed-interest investment.
• ASIC banned Rogan from financial services for ten years starting June 6, 2025.
• Client funds were moved into crypto wallets linked to a banned UK-based platform.

Glenda Maree Rogan has been banned by the Australian Securities and Investments Commission (ASIC) from offering financial services. The decision comes after she participated in a $14.8 million crypto fraud scheme between March 2022 to June 2023. Rogan used to work as a financial advisor in Sutherland Shire and Wollongong.

At the time under review, she was operating on behalf of the Fincare group and as an agent of Private Wealth Pty Ltd. ASIC found that Rogan had misrepresented to clients by stating that there was a nonexistent high-yield fixed-interest account. In reality, the plot entailed risky cryptocurrency transfers that were channeled via personal and company bank accounts.

In addition, Rogan employed her status to obtain investor confidence, attracting money from clients, relatives, and friends. Most of the invested funds were moved by her to crypto wallets linked to a UK company known as the Financial Centre. This platform was already mentioned in the Investor Alert List by ASIC as unlicensed and untrustworthy.

🚨 Australia’s financial watchdog has banned financial adviser Glenda Maree Rogan for 10 years after she misled clients into a $9.6M crypto scam posing as a fixed-income product.#ASIC #BannedAdviser

— Crypto n Stocks News (@MemeCoinsNewz) June 12, 2025

Details of the Crypto Scam Uncovered

ASIC determined that Rogan had deliberately misinterpreted investment risks and the type of assets. She transferred the funds into cryptocurrency instead of placing them in reliable interest-earning accounts. The crypto scam entailed transferring the funds of clients into digital currencies and transferring them to wallets associated with the Financial Centre.

This operation was not conducted through regulated channels and instead, personal and business accounts of Rogan were used as intermediaries. Even after a series of red flags in October 2022, she kept on redirecting funds. Her conduct gave the appearance that she was acting lawfully under the brand of her employer. According to ASIC, these misrepresentations breached several financial services laws. The regulator said she was incompetent and lacking integrity and that she would likely violate laws once again unless kicked out of the industry.

Consequences and Regulatory Response

The ban takes effect June 6, 2025, and Rogan is not allowed to work or manage any financial services business. Her name has been included in the ASIC banned and disqualified register. ASIC verified that she has not been holding any effective license and authorization since February 8, 2024.

In addition to the ban, Rogan is, potentially, subject to additional regulatory punishment. The inquiry by ASIC is still open and further litigation is possible. Affected customers have been urged to file claims with the Australian Financial Complaints Authority. During her malpractices, Rogan was a director and financial advisor in various Fincare companies. Consequently, these positions allowed her to make the crypto scam develop unnoticed for over a year.

In Australia, there is growing attention to the fraud of digital assets. In one year alone, investors have lost more than A$180 million to crypto-related scams. Cases such as this are considered important by ASIC in keeping investor confidence in an expanding yet risky industry. The regulator reiterated that offering unlicensed products or misinforming about the investment particulars is not compliant with the law. In addition, ASIC reiterated that any misleading applications of the new technologies, including crypto, will lead to enforcement.