Australia Slaps 10-Year Ban on Adviser Over $9.6M Crypto Scam

The Australia securities watchdog has imposed a decade-long ban on a former financial adviser who allegedly funneled millions in client funds into a crypto scheme disguised as a fixed-income investment.

The Australian Securities and Investments Commission, or ASIC, announced on Thursday that Glenda Maree Rogan is barred from offering financial services or holding any management role in the industry for the next ten years. The decision took effect on June 6.

ASIC Found Adviser Misled Investors With False Promises, Routing Funds To A Flagged UK Crypto Platform

Rogan, who previously operated in Sutherland Shire and Wollongong under the Fincare group of companies, was found to have engaged in deceptive conduct between March 2022 and June 2023.

During that period, she diverted at least A$14.8m, or about US$9.6m, from clients, friends, and family into what was ultimately a cryptocurrency scam.

To solicit investments, Rogan misled clients by presenting the product as a high-yield fixed-interest account.

In reality, the funds were converted into crypto and transferred to wallets tied to the Financial Centre, a UK-based trading platform flagged on ASIC’s Investor Alert List. By late 2022, ASIC concluded Rogan likely knew or suspected the platform was illegitimate.

Former Adviser’s Name Added To National Banned Register As ASIC Pursues Further Action

The money first moved through bank accounts controlled by Rogan and her personal company. From there, it disappeared into offshore wallets.

As a result, ASIC said it found her unfit to work in financial services. The regulator also warned she was likely to reoffend if allowed to remain in the industry.

Rogan had served as a director in several Fincare companies. She was also an authorized representative of Private Wealth Pty Ltd until February this year.

Now, her name appears on ASIC’s banned and disqualified register. However, she still has the right to appeal the decision to the Administrative Appeals Tribunal. Meanwhile, ASIC confirmed its investigation into the matter is ongoing.

Australia Confronts Dark Side Of Crypto Boom

Rogan’s case comes as part of a wider crackdown on crypto-related misconduct in Australia. Digital assets have steadily gained mainstream traction across the country. As of 2025, around 32.5% of Australian adults have owned or currently own cryptocurrency, totaling an estimated 6.2m people.

🇦🇺 Australian authorities have charged four individuals over a scheme that allegedly laundered $123 million through businesses and crypto.#Australia #amlhttps://t.co/uV1errA8TV

— Cryptonews.com (@cryptonews) June 9, 2025

However, this growing adoption has brought increased risks. Australians lost at least A$180m to crypto investment scams in a single year. Notably, A$3m of that was linked specifically to crypto ATM scams between Jan. 2024 and Jan. 2025.

The regulator hopes bans like Rogan’s send a clear message, that misleading investors and exploiting trust in emerging technologies will not go unchecked.