tl;dr
Australian financial adviser Glenda Maree Rogan has been banned for ten years after allegedly stealing $9.6 million from clients to invest in a crypto scam. Between March 2022 and June 2023, she transferred client funds to a crypto-based investment scam, made false statements about the investments, ...
Australian financial adviser Glenda Maree Rogan has been banned for ten years after allegedly stealing $9.6 million from clients to invest in a crypto scam. Between March 2022 and June 2023, Rogan transferred client funds to a crypto-based investment scam, made false statements about the investments, and misled clients regarding the risks and nature of these investments.
While working as an authorised representative of Private Wealth Pty Ltd and Fincare, Rogan falsely claimed that the funds were placed in high-yield fixed interest accounts. She also misrepresented her affiliation with Fincare. The scheme involved transferring investor funds to bank accounts controlled by Rogan and converting most of the money into cryptocurrency, which was then sent to wallets linked to a blacklisted UK trading platform called the Financial Centre.
ASIC (Australian Securities and Investments Commission) has intensified efforts against crypto fraud, shutting down 615 scams and pursuing legal action against other crypto-related fraudsters. The regulator stated that Rogan is not a fit and proper person to participate in the Australian financial services industry and is likely to contravene financial services law.
Rogan’s ban took effect on June 6 and prohibits her from performing any function in a financial services business or controlling such entities. The banning has been recorded on ASIC’s banned and disqualified register. Rogan retains the right to appeal to the Administrative Review Tribunal while ASIC’s investigation into her conduct continues.
Australia's crackdown on crypto-related fraud remains stringent, with recent cases including civil proceedings against a former crypto exchange director and charges in other crypto fraud cases. Rogan’s case highlights ongoing challenges in protecting investors against sophisticated crypto scams and underscores the importance of regulatory vigilance.