Adviser Faces Decade-Long Ban for Alleged Deception
Australia’s top financial regulator has handed down a decade-long ban to a financial adviser accused of channeling millions in client funds into a suspicious crypto platform. The Australian Securities and Investments Commission (ASIC) announced the ban on June 6, citing serious misconduct by Glenda Maree Rogan, a former accountant and financial services provider.
Between March 2022 and June 2023, Rogan allegedly transferred 14.8 million Australian dollars (US$9.6 million), sourced from clients, friends, and family, into an entity known as Financial Centre — a crypto-based investment scheme that ASIC has blacklisted as untrustworthy and unlicensed.
According to ASIC, Rogan misrepresented the nature of the investment, telling clients their money was going into a high-yield fixed-interest account when in fact it was redirected to a crypto exchange the regulator has publicly warned against.
Financial Centre Flagged as a Scam
Financial Centre, the destination for much of the $9.6 million in client money, has been on ASIC’s warning list as an unlicensed operator. The regulator specifically noted that the entity “should not be trusted” and alleged that Rogan “would have had suspicions about the legitimacy of the Financial Centre from at least October 2022.”
Despite those red flags, Rogan continued moving funds into the platform, converting client investments into cryptocurrency through her personal and company bank accounts, ASIC claimed.
Misleading Clients on Risk and Liquidity
Rogan’s clients were reportedly under the impression that their funds were being safely invested. ASIC said she “misled clients about the nature, risks and liquidity of the investment to induce them to invest.”
This misrepresentation played a central role in ASIC’s decision to issue the ban, with the agency stating it had “reason to believe that Ms Rogan is not a fit and proper person” to operate in Australia’s financial services sector.
From May 2014 to February 2024, Rogan worked as an accountant, financial adviser, and director at a group of companies under the name Fincare, based in Sutherland and Wollongong, two coastal regions south of Sydney.
Unlicensed Since February
ASIC also revealed that Rogan has not held a valid license or authorization to provide financial services since February 8, 2024. In its ban announcement, the agency emphasized that her continued activity in the financial industry posed a potential threat to the public.
Her name has now been added to ASIC’s banned and disqualified register, a publicly accessible list that includes individuals prohibited from offering or controlling financial services in Australia.
Ongoing Investigation May Yield More
Though the ban took effect immediately, ASIC’s investigation into Rogan’s activities is still ongoing. The regulator emphasized that the current decision was based on evidence suggesting a high risk of further violations if Rogan remained in the industry.
She is barred from performing any financial services or managing any business that offers them. While she has the right to appeal the decision through the Administrative Appeals Tribunal, neither Rogan nor ASIC responded to requests for comment at the time of the announcement.
National Crackdown on Crypto Scams
The Rogan case is part of a broader regulatory push by Australian authorities to curb crypto-related scams and ensure stronger oversight of the industry. On June 3, just days before the ban, Australia’s financial intelligence agency AUSTRAC introduced new operating rules and transaction limits for crypto ATM operators. The move is aimed at protecting consumers from the growing wave of crypto-related fraud.
In April, AUSTRAC warned dormant crypto exchanges to withdraw their registrations or risk cancellation, citing concerns that inactive platforms could become vehicles for illicit activity. The agency also took action against 13 remittance services and crypto exchanges in February, with more than 50 others still under investigation.
Investor Confidence at Risk
The fallout from Rogan’s alleged misconduct could have long-lasting effects on investor confidence, particularly among those new to cryptocurrency markets. The combination of technical complexity and high returns has made crypto appealing to many, but also leaves room for manipulation.
ASIC’s decisive response signals that the agency is committed to protecting consumers and holding professionals accountable, especially when trust is abused. For the clients involved in the $9.6 million deception, however, the road to recovery may be long — and the full extent of the damage is still unfolding.
