The Australian Securities and Investments Commission (ASIC) has imposed a ten-year ban on financial consultant Glenda Mary Rogan after she allegedly orchestrated a fraudulent scheme involving cryptocurrency amounting to $9.6 million. She is prohibited from providing financial services in the country until 2035.
This is reported by Finway
Fraud Scheme and Manipulation of Client Funds
According to ASIC, from March 2022 to June 2023, Rogan operated as an authorized representative of Private Wealth Pty Ltd and the Fincare group of companies. She misled clients by convincing them that their investments were directed into “high-yield fixed interest accounts.” In reality, clients’ funds were transferred to a dubious cryptocurrency platform, Financial Centre, based in the UK, which is already on the regulator’s list of unreliable companies.
ASIC notes that most of the funds raised ended up in bank accounts controlled by Rogan and her personal company, after which they were converted into cryptocurrencies and transferred to wallets associated with Financial Centre.
Consequences and Further Steps by the Regulator
Following the enforcement of the ban on June 6, 2025, Glenda Mary Rogan was added to ASIC’s Register of Banned and Disqualified Persons. She has the right to appeal this decision in the Administrative Tribunal; however, the regulator’s investigation into her activities is ongoing.
“ASIC has also determined that it has grounds to believe that Ms. Rogan is not a fit and proper person, is not competent to participate in the Australian financial services industry, and is likely to be in violation of the financial services law.”
It is worth noting that over the past year, ASIC has helped stop more than 615 fraudulent crypto investment schemes. In September 2024, the regulator tightened licensing requirements for cryptocurrency companies. Additionally, 14 searches were recently conducted in Australia, uncovering a large-scale money laundering scheme involving $190 million through cryptocurrencies and fake businesses.