The Australian Securities and Investments Commission (ASIC) has decided to ban former financial advisor Glenda Mary Rogan from working in the financial sector for 10 years. The reason for this is the alleged cryptocurrency fraud amounting to $9.6 million, during which she transferred clients’ funds to a suspicious crypto platform using her own company.
This is reported by Business • Media
Money Transfer Scheme and Client Deception
According to ASIC, from March 2022 to June 2023, Rogan transferred her clients’ money to the Financial Centre platform, which is registered in the United Kingdom and has already been listed as an unreliable company by the regulator. Acting as a representative of Private Wealth Pty Ltd and the Fincare group, she misled investors by claiming that their funds were being invested in “high-yield fixed interest accounts,” while in reality, the money was directed towards cryptocurrencies.
“ASIC also found that it has grounds 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 breach the financial services law.”
Investigation and Increased Oversight of the Crypto Market
The regulator established that most of the funds involved were deposited into bank accounts controlled by Rogan and her personal company. Subsequently, these funds were converted into cryptocurrencies and withdrawn to wallets linked to the Financial Centre platform.
The ASIC decision took effect on June 6, 2025. Glenda Rogan has already been added to the Register of Banned and Disqualified Persons. At the same time, she has the right to appeal this decision in the Administrative Tribunal, and an investigation into her actions is ongoing.
It is worth noting that this is not the first case of such violations: just last year, ASIC facilitated the cessation of over 615 fraudulent crypto investment schemes. In September 2024, the regulator announced stricter licensing requirements for cryptocurrency companies, and recently, another large-scale money laundering scheme involving cryptocurrencies amounting to $190 million was uncovered in Australia.