The Australian Securities and Investments Commission (ASIC) has banned former financial advisor Glenda Maree Rogan from offering financial services for ten years after uncovering a $9.5 million crypto fraud involving client funds, family members, and close acquaintances.
According to ASIC, between March 2022 and June 2023, Rogan redirected more than AUD 14.8 million into various cryptocurrencies while misleading clients about the true nature of the investments. She falsely claimed that funds were placed in high-yield fixed-interest accounts, while in reality, most of the money was invested in volatile crypto assets.
Australia Crypto Fraud Exposed: Funds Moved to Unlicensed Exchange
The ASIC report states that Rogan was working as a financial advisor with Fincare Group and was an authorized representative of Private Wealth Pty Ltd at the time of the misconduct. She converted most of the funds into cryptocurrencies and transferred them to a trading platform called Financial Centre, which is believed to be based in the United Kingdom.
This platform had already been blacklisted by ASIC as an unlicensed entity. The regulator emphasized that Rogan’s actions misled investors and violated multiple provisions under the Australian financial services law.
As of February 2024, Rogan had no valid license to offer financial services. Her ban — issued on June 6, 2025 — prevents her from engaging in any financial services or holding managerial positions in financial companies until 2035. She does have the right to appeal the decision.
ASIC: Advisor Lacked Integrity and Misled Clients
The commission concluded that Rogan showed a “fundamental lack of competence, honesty, and trustworthiness” expected from a licensed financial professional. ASIC highlighted how she misrepresented the risks and liquidity of crypto investments, knowingly placing funds in high-risk environments while disguising them as secure products.
The Australia crypto fraud case against Rogan adds to growing concerns over the use of deceptive tactics by unlicensed or misrepresenting advisors in crypto asset markets.
ASIC Continues Crackdown on Unlawful Crypto Activity
Rogan’s case is part of a broader trend of regulatory action. In May 2025, ASIC also filed charges against Liang “Allan” Guo, former director of Blockchain Global, accusing him of corporate misconduct in connection with the collapse of ACX Exchange.
ASIC has repeatedly warned that most retail investors lack a deep understanding of the risks associated with crypto assets. The agency maintains that stricter oversight and better financial literacy are essential to protect consumers.
The regulator is still investigating Rogan’s actions and potential criminal liability. In the meantime, the ban serves as a strong reminder that unlicensed or deceptive financial behavior in the crypto space will not be tolerated.
