An Australian financial advisor, Glenda Maree Rogan, is banned from the industry for ten years after a massive crypto scam. She’s accused of swindling $9.6 million from clients.
The Scam
Between May 2014 and February 2024, Rogan, working for Fincare firms, convinced clients to invest in what she called a “high-yield fixed-interest account.” Instead of investing their money safely, she transferred around $9.6 million (AUD 14.8 million) into her personal and company accounts. Much of this money was then converted into cryptocurrency and sent to Financial Centre, a platform flagged by the Australian Securities and Investments Commission (ASIC) as untrustworthy and likely a scam.
The Timeline
Rogan moved the money between March 2022 and June 2023. Even after ASIC raised concerns about Financial Centre in October 2022, she continued to send money there. Many of her victims were family and friends.
The Consequences
ASIC imposed a 10-year ban on Rogan, effective June 6, 2025. They stated she’s not a “fit and proper person” to work in finance and is likely to break the law again. Her license expired in February 2024, and she’s now on ASIC’s banned list. She can appeal the decision, but for now, the ban stands.
A Broader Crackdown
This isn’t an isolated incident. Australia is cracking down on dodgy crypto operations. Recent actions include new rules for crypto ATMs, de-registration of inactive exchanges, and investigations into numerous remittance firms and exchanges. The message is clear: unlicensed crypto services will face consequences.
Investor Beware
ASIC urges investors to carefully check their register before investing and to be wary of investments promising unusually high returns, especially in crypto. If something sounds too good to be true, it probably is. Rogan’s case serves as a stark warning about the importance of due diligence and the risks of trusting your money to unregulated schemes.
