Australia Bans Adviser for 10 Years Over $9.6M Crypto Scam

Australia’s financial watchdog, the Australian Securities and Investments Commission (ASIC), has imposed a 10-year ban on former financial adviser Glenda Maree Rogan after uncovering her involvement in a $9.6 million cryptocurrency scam.

Between March 2022 and June 2023, Rogan deceived clients, family, and friends by promoting a fake "high-yield fixed interest" crypto investment scheme. The funds—approximately A$14.8 million (US$9.6M)—were diverted to an unlicensed UK-based entity named The Financial Centre.

Investigations revealed that she channeled money through personal and business accounts, converting it into crypto and sending it to unregulated wallets.

ASIC found Rogan guilty of misleading and deceptive conduct, declaring her unfit to operate within the financial services sector. Effective from June 6, 2025, the ban prevents her from offering financial services or holding any position in a regulated financial firm. The regulator has stated that further investigations are ongoing.

This case underscores the risks of crypto investment fraud, especially when advised by unlicensed or deceptive individuals. In 2024 alone, Australians lost nearly A$180 million to crypto-related scams. ASIC urges the public to verify adviser credentials and remain cautious when evaluating crypto opportunities.