Key takeaways:
- ASIC bans former advisor Glenda Rogan for 10 years after proving her involvement in the US$ 9.6 million crypto scam.
- According to reports, she manipulated the clients and forced them to invest in an unlicensed crypto trading platform.
- Beyond including Ms Rogan in the registry of banned/disqualified persons, ASIC added the scam exchange, The Financial Centre, to its Investor Alert list.
- The decision comes as part of the larger plan of the authorities to decrease crypto-driven crimes in Australia.
Former Sutherland Shire and Wollongong-based financial adviser, Glenda Maree Rogan, has been banned by the Australian Securities and Investments Commission (ASIC) due to a $9.6 million (or A$14.8 million) crypto scam.
According to ASIC, Glenda Rogan transferred the funds, invested by clients, family, and friends, to an investment scam between March 2022 and June 2023. At the time, she was a financial adviser with the ‘Fincare’ group of companies (Fincare) and an authorised representative of Australian Financial Services (AFS) licensee Private Wealth Pty Ltd.
Investigations revealed that Rogan consciously misled the clients and made false statements about the risks and liquidity of the investment. She transferred the funds from the clients into her personal bank account, converted them to crypto, and deposited them into a trading platform called “The Financial Centre.”
The Financial Centre, now listed by ASIC in its Investor Alert list, was a UK-based trading platform that worked without a license. Reports suggest that Rogan was aware that the platform was an untrustworthy network since October 2022.
This was the primary reason for banning Rogan and revoking all her financial authority. ASIC stated that Rogan is not a fit and proper person, not competent to participate in the Australian financial services industry, and likely to contravene a financial services law.
Glenda Rogan is Also Banned From Performing Any Financial Services Business
In ASIC’s official registry, Glenda Rogan now appears among the Australian Financial Services Banned/Disqualified Persons, commenced on 6th June, 2025, and ceased till 5th June 2035.
Beyond controlling any business, Regan cannot participate in any entity that carries on a financial services business. However, she has the right to apply for an appeal through the Administrative Review Tribunal.
Australia Strengthens Security & Regulatory Framework Amidst the Crypto Boom
According to the latest reports, more than 30% (approx. 6.2 million people) of the Australian population own cryptocurrency, and it has become a mainstream asset. This situation has increased crypto-driven crimes in the country, and Rogan’s case is a part of a wider crime scenario.
Between two years, Australian investors lost at least $200 million through various crypto investment scams. The new era of crimes has forced the authorities to increase the multidisciplinary cooperation, combining the financial, customs, and crypto expertise with the task force.
An example of the collaboration between various disciplines was witnessed in the arrest of four in the famous $123 million money laundering scam. After an 18-month investigation, the Australian Federal Police-led taskforce busted the crypto-based money laundering scheme, with the help of industry experts.
If you are a victim of Glenda Maree Rogan’s scam, you can file a complaint with the Australian Financial Complaints Authority (AFCA).
