In a significant crackdown on unethical financial practices, Australia’s regulatory authority has implemented a lengthy ban on a financial adviser from Sydney, following her involvement in a dubious cryptocurrency scheme. The Australian Securities and Investments Commission (ASIC) has documented that Glenda Maree Rogan transferred A$14.8 million (approximately $9.6 million) into an unlicensed crypto platform. This alarming case raises concerns over client losses, as funds reportedly disappeared into a scheme flagged as potentially fraudulent.

Misleading Investment Strategies

ASIC’s investigation revealed that between May 2014 and February 2024, Rogan promoted a so-called “high-yield fixed-interest account.” Despite her qualifications as an accountant and financial adviser working with multiple firms, her actions raised serious red flags. Instead of investing clients’ funds in safe, regulated accounts, substantial amounts were funneled through her personal and business bank accounts, eventually morphing into investments in risky cryptocurrencies. The platform, Financial Centre, has been dubbed untrustworthy by the regulator.

Transfers Through Personal Accounts

Data indicates that from March 2022 to June 2023, Rogan managed to route a staggering A$14.8 million through personal and corporate accounts before it was converted into cryptocurrency. Investigators suggest that by October 2022, doubts regarding the platform’s credibility began to surface, yet she proceeded with her actions. Family and friends, who trusted Rogan’s guidance, are currently part of an extensive investigation.

Decade-Long Prohibition Enforced

Effective June 6, 2025, ASIC has imposed a 10-year ban on Rogan, preventing her from offering or managing any financial services. The authority has deemed her “not fit and proper” to conduct financial affairs, as there is a high probability she would violate financial laws if permitted to continue. Her license has been inactive since February 8, 2024, and she is now listed on ASIC’s records of disqualified individuals. Though she retains the right to appeal through the Administrative Review Tribunal, her current status is grim.

Increased Scrutiny on the Crypto Sector

This action is part of a broader crackdown on dubious cryptocurrency practices in Australia. On June 3, AUSTRAC introduced new regulations aimed at limiting fraudulent activities related to crypto ATMs. Earlier this year, dormant exchanges were ordered to deregister or face consequences, and enforcement actions were taken against multiple remittance companies for possible infractions. The message from regulators is clear: unlicensed operations will be met with swift action.

Investors are strongly encouraged to verify all financial advisers against ASIC’s official register before investing. The promise of overly high returns, particularly in crypto investment opportunities, should be met with skepticism. Any claims of “guaranteed” returns serve as a warning sign of potential scams. As ASIC continues to look into Rogan’s case, it underscores the critical importance of vigilance and due diligence when dealing with trusted financial advice.

Image credit: FinanceAsia, data visualization by TradingView