The Australian Securities and Investments Commission (ASIC) has announced a 10-year ban for Glenda Rogan for her involvement in a cryptocurrency-related scam.
Ban on Financial Adviser's Activity
ASIC concluded its investigation into Glenda Maree Rogan and prohibited her from providing financial services for a decade. This decision is linked to her involvement in a fraudulent scheme, resulting in a loss of nearly $9.6 million to clients, friends, and family.
Investment Fraud
According to reports by ASIC, Rogan transferred clients’ funds to personal and business accounts, converted most of it into cryptocurrency, and sent it to a platform called Financial Centre, which ASIC has officially flagged as unlicensed and untrustworthy. The regulator claims Rogan was aware of the risks and continued to direct investments there, misleading clients about the nature of their investments.
Strengthening Crypto Oversight in Australia
Rogan’s ban is part of broader efforts by Australia to tighten oversight over cryptocurrency activities. On June 3, the country's financial intelligence unit, AUSTRAC, introduced new transaction limits and rules for crypto ATM operators aimed at combatting scams. The regulator has also taken action against several crypto and remittance service providers, with investigations ongoing for many others.
The case of Glenda Rogan highlights the need for stringent oversight of financial advisers and platforms associated with cryptocurrencies amid rising fraud in the sector.
