Australia’s financial watchdog has handed down a decade-long ban to a financial adviser accused of misleading her clients and funnelling millions into a crypto scam. The case highlights growing concerns around crypto-related frauds and the nation’s efforts to tighten rules and improve consumer protection in the digital asset space.
Adviser Accused of Crypto Scam
The Australian Securities and Investments Commission (ASIC) has banned Glenda Maree Rogan from offering any financial services for 10 years. ASIC alleges that Rogan misled clients, friends, and even family into investing nearly 14.8 million Australian dollars (around $9.6 million) into what they believed was a high-yield, fixed-interest investment.
Instead, according to ASIC, Rogan moved the funds into personal and company accounts, converted most of it into cryptocurrency, and then transferred the money to a crypto platform called Financial Centre, which ASIC has labelled as a crypto scam.
The transfers reportedly took place between March 2022 and June 2023, during which time Rogan allegedly ignored red flags about the legitimacy of the crypto platform.
Known Scam Platform Involved
ASIC has publicly listed the Financial Centre as an unlicensed and untrustworthy entity. The regulator claimed that Rogan had reason to suspect the platform’s legitimacy as early as October 2022, but continued to send funds there regardless.
Despite these warnings, she continued telling her clients that their money was in safe, stable investment accounts, which promised high and secure returns. ASIC believes Rogan misrepresented the nature, safety, and accessibility of the investments to gain her clients’ trust.
Rogan was previously a licensed accountant and financial adviser, and served as a director at a group of companies known as Fincare, operating in Sutherland and Wollongong, regions just south of Sydney. She held this role from May 2014 until February 2024.
ASIC Launches Investigation
While the ban officially began on June 6, ASIC has confirmed that a broader investigation into Rogan’s actions is still ongoing.
In its public statement, ASIC said it believes Rogan is “not a fit and proper person” to work in the financial services industry and “is likely to breach financial laws again” if given the opportunity.
She has not been authorised under an Australian Financial Services Licence (AFSL) since February 8, 2024, making any financial services she provided after that date unauthorised and illegal.
Under the terms of the ban, Rogan is prohibited from offering or being involved in any business related to financial services. She does, however, have the right to appeal ASIC’s decision with the Administrative Appeals Tribunal.
Rogan and ASIC have both declined to comment further at this time.
Australia Tightens Crypto Regulations
This case comes amid a broader crackdown on crypto activities in Australia. Just days before the ban, on June 3, the nation’s financial intelligence agency AUSTRAC, introduced new transaction limits and operating rules for crypto ATM operators, aiming to curb scams and money laundering.
Earlier in April 2025, AUSTRAC also warned inactive crypto exchanges to voluntarily deregister or face forced cancellations. These dormant entities were flagged as potentially risky and vulnerable to misuse by scammers.
In February, AUSTRAC took enforcement action against 13 crypto exchanges and remittance services, with 50 more under investigation for possible compliance failures.
Australia’s financial authorities are stepping up enforcement amid rising consumer losses linked to fraudulent crypto schemes. The country is pushing for clearer regulations, stricter oversight, and better investor awareness in the digital finance space.
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