Australia’s monetary watchdog has slapped a decade-long ban on a Sydney-based adviser after she despatched consumer funds right into a crypto operation flagged as dangerous. The Australian Securities and Investments Fee (ASIC) says Glenda Maree Rogan moved A$14.8 million ($9.6 million) right into a platform already marked as unlicensed. Purchasers, household and associates reportedly misplaced out when their cash vanished into what ASIC calls a probable rip-off.
Adviser Accused Of Deceptive Purchasers
In line with ASIC, Rogan pitched a “high-yield fixed-interest account” between Might 2014 and February 2024. She labored as an accountant and monetary adviser at Fincare companies in Sutherland and Wollongong. However quite than place the funds in safe accounts, a number of transfers went into her private and firm financial institution information. A lot of these funds then transformed to crypto and despatched on to Monetary Centre, a platform ASIC warns “shouldn’t be trusted.”
Picture: Entrust
Funds Routed By way of Private Accounts
Primarily based on reviews, Rogan moved cash from March 2022 by June 2023. Throughout that 16-month stretch, she despatched A$14.8 million into private and company accounts earlier than pushing most of it into crypto. Investigators say she will need to have doubted the platform’s legitimacy by October 2022, but went forward anyway. Relations and shut associates who invested underneath her recommendation at the moment are caught up in an ongoing probe.
10-12 months Ban Imposed
ASIC introduced the 10-year prohibition took impact on June 6, 2025. Below the ban, Rogan can’t present or management any monetary companies enterprise. The regulator mentioned she is “not a match and correct individual” and more likely to break monetary companies legal guidelines if allowed to proceed. Her license expired on February 8, 2024, and he or she has been unlicensed since then. Rogan can enchantment by the Administrative Overview Tribunal, however for now her title sits on ASIC’s banned and disqualified register.
Broader Crypto Crackdown
This transfer comes amid a wider push in opposition to shady crypto operations in Australia. On June 3, AUSTRAC rolled out new guidelines and set transaction caps for crypto ATMs to stem scams. In April, inactive crypto exchanges had been instructed to de-register or face cancellation. And in February, AUSTRAC took motion in opposition to 13 remittance companies and exchanges, with greater than 50 underneath overview for potential breaches. Regulators are making clear that unlicensed companies will face fast enforcement.
Traders are being urged to verify ASIC’s register earlier than handing over money. Excessive promised returns, particularly in crypto, ought to increase crimson flags. Anybody hitting a supposed “assure” may be watching an unregulated scheme. Whereas ASIC continues its inquiry into Rogan, this case underlines simply how cautious folks have to be when a trusted adviser steers them towards one thing that sounds too good to be true.
Featured picture from FinanceAsia, chart from TradingView
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