- Glenda Maree Rogan was banned for 10 years after diverting nearly AU$15M from clients into a crypto scam via an unlicensed offshore scheme, while working as a financial adviser.
- ASIC found she misled clients about risk, ignored red flags, and failed to act with integrity, declaring her unfit to operate in the financial services industry.
- Over time, ASIC has dismantled over 10,000 scam sites, but the country faces increasing pressure for clearer national crypto regulations.
Glenda Maree Rogan has been banned from Australia’s financial services industry for ten years after funnelling nearly AU$15M into a crypto scam while acting as a financial adviser.
The Australian Securities and Investments Commission (ASIC) determined that Rogan diverted client funds into The Financial Centre, an unlicensed offshore scheme, during her time at Fincare and as a representative of Private Wealth Pty Ltd.
Between March 2022 and June 2023, she convinced clients they were investing in low-risk, high-yield accounts. Instead, the money was converted into crypto and moved to wallets controlled by the scam outfit.
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Despite warning signs about The Financial Centre as early as 2022, Rogan continued to route funds through the platform. ASIC said she failed to act with integrity and showed no regard for the obligations tied to her license.
Her ban, which took effect on June 6, 2025, prohibits her from offering financial services or managing any financial services business. The regulator said she is neither competent nor suitable to participate in the sector.
ASIC Is not Playing Around
In general, Australia’s financial watchdogs are ramping up enforcement against crypto fraud by targeting scams, illicit exchanges, and regulatory gaps across the sector.
ASIC has taken down more than 10,000 scam websites over the past year, with a large portion tied to crypto-related fraud. Among these were 95 entities linked to “pig butchering” operations, long-cons that lure victims into fake investment platforms before draining their funds.
It’s true that financial regulators have tightened their grip on crypto crime, but when it comes to regulations, things are a bit more complex, both on the regulatory and political fronts, with some Senators claiming that Bitcoin and crypto in general produce “nothing”. Meanwhile, Prime Minister Anthony Albanese recently appointed pro-crypto Andrew Charlton as assistant minister for the digital economy.
Related: Guggenheim’s Digital Commercial Paper Goes Live on XRP Ledger
All in all, the crypto industry in Australia is quite uncertain, which is probably why well-known institutions like Coinbase have urged the federal government to take several steps to improve its standing worldwide.
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