By Mark Hunter
22 hours agoThu Jun 12 2025 08:05:12
Reading Time: 2 minutes
- Australia’s financial regulator has banned a former financial adviser from doing so for ten years over her involvement in a crypto scam
- Glenda Rogan transferred at least $14.8 million of client, family, and friends’ funds into a fraudulent cryptocurrency scheme.
- Rogan misled investors about the nature and risk of the investment, funnelling money through her own accounts and into crypto wallets
Australia’s financial regulator has banned financial advisor Glenda Rogan from providing financial services for a decade after discovering her role in a large-scale crypto investment scam. Rogan moved nearly A$15 million (US$9.6 million) of client and personal contacts’ funds into a cryptocurrency-based scheme that posed as a fixed-interest investment. According to the Australian Securities and Investments Commission (ASIC), she used her personal and business accounts to convert funds into crypto and forward them to wallets associated with an unlicensed UK-based entity known as the Financial Centre.
Rogan Helped Channel Millions into Crypto Scam
ASIC’s investigation found that between March 2022 and June 2023, Rogan operated as a financial adviser under Private Wealth Pty Ltd, operating as Fincare. During this time, she encouraged clients to invest in what she described as a high-yield fixed-interest account, while in reality, their money was being routed into a fraudulent crypto platform. The funds, amounting to at least A$14.8 million, were first deposited into Rogan’s personal or business accounts, converted to cryptocurrency, and sent to wallet addresses controlled by the scheme operators.
The Financial Centre, which was listed on ASIC’s investor warning list, was not licensed to offer financial services in Australia, but Rogan continued promoting the scheme, even after she likely suspected it was a scam.
ASIC Declares Rogan Unfit to Practice
In a press release, ASIC summed up her crimes:
Ms Rogan made false statements to clients, and engaged in conduct that misled clients, about the nature, risks and liquidity of the investment to induce them to invest, including that it was a high-yield fixed interest account, rather than cryptocurrency which carried significant risk, and that clients were dealing with her in her capacity as a representative of Fincare.
The case underscores growing regulatory concern about cryptocurrency fraud in Australia, where scams involving digital assets have surged in recent years. ASIC said it would continue to pursue individuals who misuse crypto markets to exploit retail investors and erode trust in financial services.
