ASIC Bans Financial Adviser for Ten Years Due to Crypto Scam

The Australian Securities and Investments Commission (ASIC) has imposed a ten-year ban on financial advisor Glenda Maree Rogan, accusing her of misappropriating client funds in a crypto scam. ASIC revealed that Rogan transferred AU$14.8 million (roughly US$9.6 million) from clients’ accounts to an unlicensed cryptocurrency investment platform known as The Financial Center between March 2022 and June 2023 while working for the Fincare group of companies. Rogan misled clients about the nature and risks of their investments, leading some to transfer money into her control under false pretenses, then converting it to cryptocurrencies.