ASIC Says Adviser Misled Clients Into Investing in Suspected Scam Platform

Australia’s top financial regulator has banned financial adviser Glenda Maree Rogan from providing financial services for 10 years, alleging she misled clients and funneled nearly $9.6 million (14.8 million AUD) into a cryptocurrency-based scam platform.

The Australian Securities and Investments Commission (ASIC) announced the ban on Thursday, claiming that Rogan diverted funds intended for fixed-interest investments into a crypto exchange identified as a likely scam.

Misappropriated Client Funds Sent to Crypto Scam

Between March 2022 and June 2023, Rogan allegedly transferred funds from clients, family, and friends into her personal and business bank accounts. A majority of these funds were then converted into cryptocurrency and sent to a platform called Financial Centre, which ASIC has publicly warned is unlicensed and not trustworthy.

“Ms. Rogan would have had suspicions about the legitimacy of the Financial Centre from at least October 2022,” ASIC said in its statement.

ASIC maintains that Rogan deceived her clients by falsely claiming their investments were going into high-yield fixed-interest accounts, while downplaying the risks and lack of liquidity associated with the actual investments.

Professional Background and Ban Details

Rogan held roles as an accountant, financial adviser, and company director at a group of firms called Fincare, located in Sutherland and Wollongong, two regions south of Sydney. She held these roles between May 2014 and February 2024.

ASIC said its 10-year ban was effective as of June 6, 2025, and prohibits Rogan from:

• Providing any financial services

• Controlling or being employed by any business that provides financial services

“ASIC has reason to believe that Ms. Rogan is not a fit and proper person, is not competent to participate in the financial services industry, and is likely to contravene Australian financial services law,” the regulator said.

Rogan Was Unlicensed at Time of Alleged Offenses

According to ASIC, Rogan had not been licensed or authorized under an Australian Financial Services License (AFSL) since February 8, 2024, meaning she had no legal standing to provide any regulated financial advice or services at the time of the alleged misconduct.

She may appeal ASIC’s decision to the Administrative Appeals Tribunal for a formal review, though she and her legal representatives did not immediately respond to media requests for comment.

ASIC Investigation Still Ongoing

ASIC noted that its investigation into Rogan is still active, meaning she could potentially face further penalties or legal action depending on the outcome of ongoing inquiries.

The agency has increased its scrutiny of financial advisers and crypto-linked fraud in recent months, especially as scams involving digital assets become more prevalent across Australia.

Part of a Broader Crypto Crackdown in Australia

The ban on Rogan comes amid a wider crackdown on crypto-related fraud and compliance issues across the country.

• On June 3, Australia’s financial intelligence agency AUSTRAC introduced new operating rules and cash limits for crypto ATM operators to combat rising scam activity.

• In April, AUSTRAC directed inactive crypto exchanges to withdraw their registrations or risk cancellation due to concerns they might be used as fraudulent fronts.

• In February, AUSTRAC took action against 13 remittance and crypto service providers, and said more than 50 others are under active investigation.

Crypto Fraud Risks Underscore Need for Regulation

The Rogan case highlights the risks posed by unauthorized advisers and unregulated crypto platforms, especially to retail investors who may be unfamiliar with the complexities of digital asset investing.

Regulators have repeatedly warned the public to verify the credentials of financial advisers and to avoid investing with platforms that lack licenses or regulatory oversight.

“Anyone considering a crypto investment should ensure that the person advising them is properly licensed and that the product is transparent and legitimate,” ASIC said in a separate consumer advisory.

Conclusion

The decade-long ban against Glenda Maree Rogan marks a significant step in ASIC’s ongoing efforts to protect consumers and uphold standards of integrity in the financial services industry. With millions lost to crypto-related fraud schemes and regulatory scrutiny intensifying, the case serves as a stark warning about the dangers of unregulated investment advice in the rapidly evolving world of digital finance.

As investigations continue, Australia’s regulators are signaling a zero-tolerance approach to misconduct involving crypto — and the penalties are only getting tougher.