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Australia’s financial watchdog has slapped a 10-year ban on financial adviser Glenda Maree Rogan for her alleged role in a $9.6 million crypto scam. The Australian Securities and Investments Commission (ASIC) claims that Rogan misled clients, friends, and even family, promising them a safe, high-return investment, but secretly funnelled their money into a shady cryptocurrency platform.

Rogan, a former accountant and director at Fincare, a financial services group operating in Sutherland and Wollongong (south of Sydney), allegedly told her clients their money was going into a “high-yield fixed-interest account.” In reality, ASIC says she transferred the funds into her personal and business bank accounts, converted much of it into cryptocurrency, and sent it to an unlicensed crypto platform called Financial Centre.

A Fake Investment with Real Losses

The scam reportedly ran between March 2022 and June 2023, with Rogan diverting a total of AU$14.8 million (~$9.6 million USD). ASIC alleges that she misled investors about the nature, risks, and liquidity of the so-called fixed-interest account. Investors believed their money was safe and accessible, but instead, it vanished into the crypto space.

Financial Centre, crypto platform where the funds ended up, is listed on ASIC’s site as a suspected scam. ASIC explicitly warns the public not to trust it. They also stated that Rogan likely knew about the risks from as early as October 2022 but continued transferring money into the platform regardless.

ASIC Acts: A 10-Year Ban and Ongoing Probe

ASIC officially banned Rogan from the financial industry on June 6, 2025, citing serious misconduct. In their statement, the regulator said they had reason to believe Rogan:

  • Is not a fit and proper person to provide financial services
  • Lacks the competence required to operate in the industry
  • Is likely to break financial service laws again
Rogan’s ban has been recorded in ASIC’s banned and disqualified register. Source: ASIC
Rogan’s ban has been recorded in ASIC’s banned and disqualified register. Source: ASIC

Rogan has not been licensed to offer financial services since February 8, 2024, yet continued to operate deceptively. Now, she is banned from offering or controlling any financial services business for the next 10 years. However, Rogan does have the right to appeal the ban through the Administrative Review Tribunal.

ASIC confirmed that the investigation is still ongoing, and further legal or criminal action could follow, depending on the outcome.

Australia Gets Tough on Crypto Scams

This high-profile case comes as Australia increases its regulatory pressure on the crypto sector. On June 3, 2025, AUSTRAC, the country’s national financial intelligence agency, introduced new rules for crypto ATMs, including transaction limits to curb scams.

In April, AUSTRAC also ordered inactive crypto exchanges to withdraw their registration or risk being forcibly shut down. Authorities fear that these dormant platforms could be misused for illegal activities like money laundering or fraud.

Earlier this year, AUSTRAC took enforcement action against 13 remittance and crypto service providers, with over 50 others still under investigation for potential compliance breaches.

The case of Glenda Maree Rogan is a stark reminder of the dangers still lurking in the unregulated corners of crypto. Even trusted financial professionals can be drawn into fraud and their clients pay the price. With regulators like ASIC and AUSTRAC stepping up enforcement, Australia is clearly sending a message: crypto scams won’t be tolerated, and those who deceive investors will face serious consequences.

As the investigation continues, many will be watching to see whether further charges or criminal proceedings follow and how the victims of this multi-million-dollar fraud might be compensated.

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