Australia Bans Adviser 10 Yrs for $9.6M Crypto Scam

Australia’s financial regulators have once again demonstrated their strict stance against financial misconduct and crypto-related fraud. In one of the country’s most high-profile financial enforcement actions involving cryptocurrency, the Australian Securities and Investments Commission (ASIC) has banned financial adviser Glenda Maree Rogan from the financial services sector for ten years. This ban follows ASIC’s allegation that Rogan misled her clients and funneled approximately 14.8 million Australian dollars (around $9.6 million) into a suspected cryptocurrency scam called Financial Centre.

This comprehensive article delves into the full details of the case, the regulatory context, the ongoing investigations, risks related to crypto investment scams, and the broader implications for Australia’s growing cryptocurrency industry.

The Case at a Glance

In June 2025, ASIC announced that it had formally banned Glenda Maree Rogan for a period of 10 years from providing financial services or operating any financial services business. The agency alleges that Rogan transferred client funds into her personal and company bank accounts, then converted most of these funds into cryptocurrency and sent them to the unlicensed platform Financial Centre.

The Key Allegations:

• Total funds transferred: AUD 14.8 million (~USD 9.6 million)

• Time period of alleged misconduct: March 2022 to June 2023

• Source of funds: Clients, family members, and friends

• Destination of funds: Financial Centre (an unlicensed crypto platform)

ASIC noted that Rogan misrepresented the investments as high-yield, fixed-interest accounts while concealing the actual nature, liquidity, and risk level of the crypto investments involved.

Who Is Glenda Maree Rogan?

Glenda Maree Rogan served as an accountant, financial adviser, and director at Fincare, a group of financial services companies located in Sutherland and Wollongong, south of Sydney, Australia. According to ASIC, she held these roles between May 2014 and February 2024.

Rogan used her positions to gain the trust of her clients and presented herself as a professional capable of managing and growing their investments safely. However, ASIC alleges that she betrayed this trust by funneling clients’ money into the crypto scheme while misleading them about the nature of their investments.

How the Alleged Scam Worked

1. False Promises

Rogan reportedly informed clients that their funds would be invested in high-yield, fixed-interest accounts — typically perceived as low-risk instruments suitable for conservative investors, retirees, or individuals seeking stable returns.

2. Unauthorized Transfers

Instead of investing as promised, Rogan allegedly transferred the funds to her own personal and business accounts, creating full control over the money without client authorization or knowledge.

3. Conversion into Cryptocurrency

After gaining full control of client funds, Rogan converted a majority of the money into cryptocurrency assets and directed the funds toward the Financial Centre platform, which ASIC has identified as an unlicensed and suspicious entity.

4. The Suspicious Platform: Financial Centre

ASIC has flagged Financial Centre as an unlicensed entity that should not be trusted. It alleges that Rogan was aware of the platform’s questionable legitimacy by at least October 2022 but continued transferring funds into the platform after that date.

ASIC’s 10-Year Ban

ASIC’s 10-year ban was officially imposed on June 6, 2025. Under this ban:

• Rogan is prohibited from offering financial services.

• She cannot control or be involved in any business providing financial services.

• The ban has been recorded in ASIC’s banned and disqualified register.

• Rogan has the right to appeal the decision before the Administrative Review Tribunal.

ASIC’s Justification:

ASIC stated that 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 Ongoing Investigation

The ASIC investigation remains active as of June 2025. The regulator continues to probe how Rogan operated, whether others were involved, and whether additional regulatory breaches or criminal charges may be filed.

The complexity of this case — combining elements of financial fraud, crypto transactions, unlicensed trading, and breach of trust — underscores the serious nature of the allegations and the regulatory risks involved in the financial services industry.

The Growing Problem of Crypto Scams

This case is one of many that highlight the rise in cryptocurrency-related scams globally and specifically in Australia.

Why Crypto Scams Are Rising:

• Anonymity of Transactions: Cryptocurrencies allow scammers to move funds across borders without easy traceability.

• Lack of Regulation: Many crypto platforms operate outside traditional financial systems and often evade oversight.

• High Return Promises: Fraudsters entice victims by offering unrealistic returns on crypto investments.

• Inexperienced Investors: Many victims are new investors attracted by the hype surrounding crypto markets.

Regulatory Crackdown: Australia’s Response to Crypto Fraud

1. Enhanced Supervision

ASIC and AUSTRAC (Australian Transaction Reports and Analysis Centre) have intensified oversight of crypto-related businesses.

• AUSTRAC rolled out new rules and transaction limits for crypto ATM operators in June 2025.

• Dormant crypto exchanges are being forced to withdraw their registrations or face cancellation.

2. Warnings on Unlicensed Entities

ASIC maintains an extensive list of unlicensed entities and scams that Australian consumers are advised to avoid. Financial Centre, the platform where Rogan sent her clients’ money, is listed as one such entity.

3. Broader Enforcement Actions

In recent months, AUSTRAC and ASIC have acted against:

• 13 remittance service providers

• Multiple crypto exchanges

• Over 50 institutions still under investigation for possible compliance failures

The Role of PMs, Lawmakers, and Public Policy

Australian policymakers have become increasingly aware of the threats posed by unchecked crypto activity. Multiple initiatives are being discussed to better regulate digital assets, including:

• Establishing a licensing framework for crypto exchanges.

• Introducing consumer protection regulations specific to digital assets.

• Enhancing AML (Anti-Money Laundering) and KYC (Know Your Customer) protocols.

• Cooperating with international regulators to track cross-border crypto scams.

International Impact: Lessons for Global Crypto Markets

Australia’s action in the Rogan case sends a clear message to the global financial sector:

• Accountability: Financial professionals remain responsible for protecting client assets, regardless of the asset class involved.

• Transparency: All financial advisers must disclose the true nature, risk, and liquidity of investments.

• Licensing: Both advisers and crypto platforms require proper licensing to operate legally.

• Due Diligence: Investors must verify the credentials of both their advisers and the investment platforms recommended to them.

The Human Cost of the Scam

Cases like Rogan’s often have devastating consequences for victims:

• Many clients may lose life savings or retirement funds.

• Friends and family members who trusted Rogan’s advice may now face financial ruin.

• Legal remedies can take years and may not recover the full amount lost.

• Emotional trauma and loss of financial security further compound the damage.

Crypto Scams: A Growing Global Epidemic

Crypto scams have grown to alarming levels worldwide. According to Chainalysis:

• In 2023, over $14 billion was lost globally to crypto-related scams, rug pulls, and hacks.

• Investment scams remain the largest type of crypto-related crime, accounting for nearly half of these losses.

• Regulatory intervention is still struggling to catch up with the evolving sophistication of fraudsters.

Protecting Yourself: Investor Red Flags

Investors should always watch for the following warning signs:

• Promises of guaranteed or excessively high returns.

• Pressure to act quickly or invest large sums.

• Lack of proper documentation or licensing.

• Complex investment structures difficult to understand.

• Advisers unwilling to disclose where funds are invested.

Always verify both the adviser’s credentials and the legitimacy of any platform before committing funds.

Conclusion: A Wake-Up Call for Australia’s Crypto Industry

The 10-year ban against Glenda Maree Rogan stands as a stark reminder that regulatory compliance, transparency, and fiduciary responsibility are non-negotiable standards in the financial services sector — including the rapidly evolving crypto market.

As crypto adoption continues to rise in Australia, the regulatory environment is also tightening to protect consumers from fraud and scams. While crypto offers exciting investment opportunities, investors must conduct thorough due diligence, regulators must enforce clear guidelines, and advisers must operate with full integrity.

Cases like this will likely shape future policy decisions on cryptocurrency regulation in Australia and influence global standards as well.

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