Australia's financial regulator has banned a former financial adviser for 10 years after she funneled at least $14.8 million of client money into a cryptocurrency scam while telling investors their funds were going into safe, fixed-interest accounts.

ASIC Bans Financial Adviser for Crypto Scam That Cost Clients $14.8 Million

The Australian Securities and Investments Commission (ASIC) said Glenda Maree Rogan violated financial services laws through misleading conduct during her time as an adviser with the Fincare group of companies in Sutherland Shire and Wollongong.

Between March 2022 and June 2023, Rogan transferred client funds to bank accounts she controlled, then converted the money to cryptocurrency and sent it to wallets linked to something called the Financial Centre, which claimed to be a UK-based trading platform. ASIC has the Financial Centre on its investor alert list as an unlicensed entity that shouldn't be trusted.

Rogan told clients their money was going into high-yield fixed interest accounts rather than risky cryptocurrency investments. She also falsely claimed clients were dealing with her as a representative of Fincare, according to ASIC's findings.

The regulator determined Rogan likely had suspicions about the Financial Centre's legitimacy from at least October 2022 but continued directing client money there anyway.

Comprehensive Ban Imposed

The 10-year ban prevents Rogan from providing any financial services or controlling entities that offer such services. The prohibition took effect June 6 and has been recorded on ASIC's banned and disqualified register.

Rogan worked as both an accountant and financial adviser at Fincare Planning Pty Ltd, Fincare Private Wealth Pty Ltd and Fincare Accounting Pty Ltd. She served as a director of those companies at various times between May 2014 and February 2024.

She was an authorized representative of Australian Financial Services licensee Private Wealth Pty Ltd from November 2020 until February 2024, when her authorization ended. She hasn't been licensed to provide financial services since then.

“ASIC also found it had reason 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 contravene a financial services law,” the market watchdog commented.

Rogan can appeal the decision to the Administrative Review Tribunal. Affected investors can file complaints with the Australian Financial Complaints Authority.

Crypto Scams on the Rise

Cryptocurrency-related investment fraud continues to pose a growing threat to retail investors in Australia, often through seemingly legitimate financial advisory channels. In April, ASIC moved to shut down 95 firms linked to online investment and romance scams, commonly referred to as “pig butchering” schemes, following a court order.

These scams typically involve fraudsters who impersonate others on social media platforms, gaining victims' trust over weeks or months before introducing them to high-risk investments such as cryptocurrencies or contracts for differences (CFDs). According to The Economist, these operations are often coordinated by criminal groups based in countries like Myanmar.

Despite a decline in the number of scam reports, financial losses from fraud in Australia surged in early 2025. Between January and April, Australians submitted 72,230 scam reports—down 24% year-on-year—yet total reported losses rose by 29%, reaching nearly A$119 million. Investment scams were the primary driver, accounting for more than half of the total losses.

Phishing attacks and social media scams also remain prevalent, with fraudsters using digital platforms to target individuals across all age groups. Authorities warn that scam tactics continue to evolve, making detection and prevention increasingly difficult.