Australian Woman Banned for a Decade After $9.6M Crypto ‘Safe Investment’ Scam

The Australian Securities and Investments Commission (ASIC) has issued a ten-year industry ban against former financial adviser Glenda Maree Rogan for allegedly misappropriating $9.6 million in client funds and funneling them into a crypto scam disguised as a fixed-income investment.

The ban, effective 6 June, prohibits Rogan from providing financial services or holding any leadership or control roles in related businesses.

According to ASIC, Rogan directed the funds into a fraudulent crypto scheme between March 2022 and June 2023 while operating under Private Wealth Pty Ltd and the Fincare group.

The regulator claims she misled clients about the investment’s risk, liquidity, and nature, presenting it as a safe, interest-bearing product.

Rogan’s alleged deception and misuse of funds form the basis of one of ASIC’s most severe recent enforcement actions.

The regulator added:

“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.”

Adviser Promised Safe Returns, Sent Funds to Suspicious Crypto Site

Rogan, a former financial adviser operating in Sutherland Shire and Wollongong under the Fincare group of companies, has been banned from the financial services industry for ten years following allegations of deceptive conduct involving a multi-million-dollar crypto scam.

According to the ASIC, between March 2022 and June 2023, Rogan misled clients, friends, and family by promoting what she described as a “high-yield fixed interest account.”

In reality, the funds—totalling at least A$14.8 million (approximately US$9.6 million)—were funnelled into cryptocurrency and transferred to wallets linked to a suspicious trading platform known as the Financial Centre, a UK-based entity already flagged on ASIC’s blacklist.

ASIC alleges that Rogan falsely claimed she was acting as a representative of Fincare and used personal and business accounts to receive and move investor funds.

By late 2022, the regulator concluded Rogan likely knew, or should have suspected, that the platform was fraudulent.

The watchdog determined she is unfit to provide financial services or hold any control or management roles in the sector and warned there is a significant risk of her reoffending.

Rogan, who had held directorships within Fincare and was an authorised representative of Private Wealth Pty Ltd until early 2025, has been added to ASIC’s banned and disqualified register.

She may appeal the decision to the Administrative Appeals Tribunal, while the investigation into her conduct continues.