Australia’s
financial regulator has banned a former financial adviser for 10 years after
she funneled at least $14.8 million of client money into a cryptocurrency scam
while telling investors their funds were going into safe, fixed-interest
accounts.
ASIC Bans Financial
Adviser for Crypto Scam That Cost Clients $14.8 Million
The
Australian Securities and Investments Commission (ASIC) said Glenda Maree Rogan
violated financial services laws through misleading conduct during her time as
an adviser with the Fincare group of companies in Sutherland Shire and
Wollongong.
Between
March 2022 and June 2023, Rogan transferred client funds to bank accounts she
controlled, then converted the money to cryptocurrency and sent it to wallets
linked to something called the Financial Centre, which claimed to be a UK-based
trading platform. ASIC has the Financial Centre on its investor alert list as
an unlicensed entity that shouldn’t be trusted.
Rogan told
clients their money was going into high-yield fixed interest accounts rather
than risky cryptocurrency investments. She also falsely claimed clients were
dealing with her as a representative of Fincare, according to ASIC’s findings.
The
regulator determined Rogan likely had suspicions about the Financial Centre’s
legitimacy from at least October 2022 but continued directing client money
there anyway.
Comprehensive Ban Imposed
The 10-year
ban prevents Rogan from providing any financial services or controlling
entities that offer such services. The prohibition took effect June 6 and has
been recorded on ASIC’s banned and disqualified register.
Rogan
worked as both an accountant and financial adviser at Fincare Planning Pty Ltd,
Fincare Private Wealth Pty Ltd and Fincare Accounting Pty Ltd. She served as a
director of those companies at various times between May 2014 and February
2024.
She was an
authorized representative of Australian Financial Services licensee Private
Wealth Pty Ltd from November 2020 until February 2024, when her authorization
ended. She hasn’t been licensed to provide financial services since then.
“ASIC also
found it had reason to believe that Ms Rogan is not a fit and proper person, is
not competent to participate in the Australian financial services industry and
is likely to contravene a financial services law,” the market watchdog
commented.
Rogan can
appeal the decision to the Administrative Review Tribunal. Affected investors
can file complaints with the Australian Financial Complaints Authority.
Crypto Scams on the Rise
Cryptocurrency-related
investment fraud continues to pose a growing threat to retail investors in
Australia, often through seemingly legitimate financial advisory channels. In
April, ASIC moved to shut
down 95 firms linked to online investment and romance scams, commonly referred
to as “pig butchering” schemes, following a court order.
These scams typically involve fraudsters who impersonate others on social
media platforms, gaining victims’ trust over weeks or months before introducing
them to high-risk investments such as cryptocurrencies or contracts for
differences (CFDs). According to The Economist, these operations are
often coordinated by criminal groups based in countries like Myanmar.
Despite a decline in the number of scam reports, financial losses from fraud
in Australia surged in early 2025. Between January and April, Australians
submitted 72,230 scam reports—down 24% year-on-year—yet total reported losses
rose by 29%, reaching nearly A$119 million. Investment scams were the primary
driver, accounting for more than half of the total losses.
Phishing attacks and social media scams also remain prevalent, with
fraudsters using digital platforms to target individuals across all age groups.
Authorities warn that scam tactics continue to evolve, making detection and
prevention increasingly difficult.
This article was written by Damian Chmiel at www.financemagnates.com.
