The Australian Securities and Investments Commission (ASIC) has banned Glenda Maree Rogan, a former financial adviser, from providing financial services for ten years due to alleged involvement in a cryptocurrency scam.
The Allegations Against Glenda Rogan
ASIC claims Rogan, who previously served as an accountant and director at Fincare, misled clients, friends, and family between March 2022 and June 2023. She allegedly promised high-yield, fixed-interest investments but instead transferred $9.6 million of client funds into her personal and company accounts before converting most of it into cryptocurrency. The funds were then sent to the Financial Centre, a platform ASIC has labeled unlicensed and untrustworthy.
ASIC's Response to Rogan's Actions
ASIC asserts that Rogan should have suspected the platform’s legitimacy as early as October 2022. Despite this, she continued to assure clients about the safety and liquidity of their investments. The ban, effective from 6 June 2025, prevents Rogan from providing any financial services or controlling related businesses due to concerns about her competence.
Rising Cryptocurrency Fraud in Australia
Rogan's case highlights Australia’s efforts to combat crypto-related fraud. ASIC and the Australian Transaction Reports and Analysis Centre (AUSTRAC) have tightened regulations, including new rules for crypto ATM operators. In 2023, Australians lost over $1.3 billion to investment scams, many involving cryptocurrencies. Authorities urge investors to verify platform legitimacy and remain skeptical of high-return promises.
The situation with Glenda Rogan and her decade-long ban is part of a broader issue of cryptocurrency frauds in Australia, emphasizing the need for investor vigilance.
