Australian financial regulator ASIC has imposed a 10-year ban on Glenda Maree Rogan. She was found guilty of deceiving clients into investing nearly AUD 15 million (USD 9.6 million) in a fraudulent crypto scheme. This action is part of ASIC’s ongoing efforts to combat crypto-related scams in the financial industry.
Deceptive Actions in Crypto Investment Scheme
Between March 2022 and June 2023, Rogan, while employed at Fincare, convinced clients to invest in a so-called high-yield fixed-interest account. However, instead of securing their funds, Rogan transferred the money to her personal and company-controlled bank accounts.
She then converted the funds into cryptocurrency. These funds were subsequently funneled into wallets linked to an unlicensed UK-based trading platform, The Financial Centre, which ASIC had already blacklisted.
Rogan lied to clients and promised that investment was secure and liquid. She did not reveal huge risks in cryptocurrency. She even lied that she was acting within her official capacity with Fincare, which added to her credibility. A lot of clients have been misled and lost a significant amount of money because of it.
ASIC Takes Action Against Rogue Adviser
An investigation conducted by ASIC showed that Rogan had breached Australian financial laws. She made substantial losses by lying to her clients on the nature of the investment and its risks. More than AUD 14.8 million was sent to cryptocurrency, which later appeared in fraudulent wallets.
Consequently, Rogan is prohibited to offer financial services for a period of ten years. This prohibition will start in June 2025. Also, Rogan is not allowed to be in charge of any financial service firms. This prohibition is meant to safeguard the populace as well as act as a warning to other players in the sector.
Ongoing Investigation and Broader Crackdown
ASIC’s investigation into Rogan’s actions is still ongoing. This follows other legal actions taken against individuals involved in crypto-related fraud. For example, ASIC is pursuing a former crypto executive over the collapse of the ACX Exchange. That collapse led to losses exceeding AUD 58 million.
ASIC is stepping up its campaign against crypto fraud. In recent years, AUSTRAC, the Australian financial intelligence agency, amended crypto ATM providers regulations. These will be additional efforts to enhance anti-money laundering measures, as well as give greater protection to local investors against scams.
