The Australian Securities and Investments Commission (ASIC) has banned financial adviser Glenda Rogan from providing financial services for 10 years over fraudulent activities involving client funds.
Financial adviser's ban
ASIC announced a decade-long ban on Glenda Maree Rogan from conducting financial services, effective June 6. She is accused of investing 14.8 million Australian dollars (9.6 million USD) of client funds into a crypto platform listed as a scam.
Fraud allegations
According to ASIC, Rogan transferred client funds to personal and company accounts between March 2022 and June 2023 before converting the majority to cryptocurrency and sending it to the Financial Centre crypto platform. The agency alleges that she misled clients about the nature and risks of their investments.
Ongoing ASIC investigation
ASIC is continuing its investigation into Rogan, stating they have reason to believe she is not a fit and proper person to participate in the Australian financial services industry.
The ban on Glenda Rogan reflects ASIC's ongoing efforts to combat financial fraud, particularly in the cryptocurrency sector.
