Crypto Scam Fallout: Ten-Year Ban for Financial Adviser Glenda Maree Rogan
Glenda Maree Rogan has received a decade-long ban from Australia’s financial services sector after funneling almost AU$15 million from clients into a fraudulent cryptocurrency scheme while serving as a financial adviser.
The Australian Securities and Investments Commission (ASIC) determined that Rogan misappropriated client funds, routing investments to an unlicensed offshore scheme known as The Financial Centre during her tenure at Fincare and as an agent of Private Wealth Pty Ltd.
Between March 2022 and June 2023, Rogan assured her clients that their investments were in low-risk, high-yield accounts. In reality, the funds were transformed into cryptocurrency and transferred to wallets associated with the scam operation.
Despite evident warning signs regarding The Financial Centre as early as 2022, Rogan persisted in directing client money through this platform. ASIC highlighted her lack of integrity and failure to honour her professional responsibilities, declaring her unfit to continue in the financial services industry. Her ban, effective from June 6, 2025, explicitly restricts her from offering financial services or managing any financial services entity.
ASIC’s Firm Stance Against Crypto Fraud
ASIC is intensifying its enforcement against cryptocurrency fraud, focusing on dismantling scams, illicit trading platforms, and addressing regulatory loopholes within the sector. Over the past year, the regulator has shut down more than 10,000 scam websites, a significant number of which were related to cryptocurrency fraud. Among these were 95 entities connected to “pig butchering” schemes, which manipulate victims into investing in fake platforms before absconding with their funds.
While Australia’s financial regulators are tightening controls over crypto-related crime, the broader regulatory environment is complicated. Some political figures express scepticism about cryptocurrencies, with criticisms that assets like Bitcoin are perceived to generate "nothing." Nevertheless, Prime Minister Anthony Albanese recently appointed Andrew Charlton, a known supporter of cryptocurrency, as assistant minister for the digital economy.
In light of this turbulent atmosphere, industry leaders such as Coinbase have urged the Australian federal government to implement measures that will enhance the nation’s global reputation in the cryptocurrency sphere.
Conclusion
Rogan’s ban is part of a broader crackdown aimed at curtailing fraudulent activities in the Australian financial landscape, particularly within the rapidly evolving cryptocurrency sector. As authorities continue to strengthen regulations, the call for clearer national guidelines becomes increasingly urgent. The Australian financial community remains watchful as developments unfold in both regulatory frameworks and market conditions.
