Australia’s financial watchdog has banned a financial adviser, Glenda Maree Rogan, for 10 years after she was accused of tricking people into putting their money into a fake crypto investment.
Between March 2022 and June 2023, Rogan reportedly took $9.6 million AUD (about $9.6 million USD) from clients, friends, and family. She told them it was going into a "high-yield, fixed-interest" investment, but instead, she sent the money to a crypto platform called Financial Centre, which ASIC (Australia's financial regulator) says is a scam.
😠 What She Did Wrong
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ASIC says Rogan lied to her clients about where their money was going and how safe the investment was.
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She moved the money into her own accounts or company accounts, then turned it into cryptocurrency.
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That crypto was sent to Financial Centre, which is not licensed and has been flagged as untrustworthy.
🔍 Ongoing Investigation
The regulator banned Rogan from doing any kind of financial work starting June 6. ASIC said it no longer believes she’s fit or qualified to work in finance.
Although she stopped being legally allowed to provide financial services in February 2024, the investigation is still ongoing. Rogan does have the option to appeal the decision.
⚠️ Australia Tightens Crypto Rules
Australia is getting stricter with crypto regulations to protect people from scams:
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On June 3, new rules were introduced to control crypto ATMs.
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In April, authorities warned inactive crypto exchanges to shut down or face registration cancelation.
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In February, 13 crypto platforms were taken down, and more than 50 others are still under investigation.
✅ Summary
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Glenda Maree Rogan is banned for 10 years for sending client money to a crypto scam platform.
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She misled clients and used their funds for personal crypto investments.
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Australia is cracking down on crypto scams, with new rules and active investigations.
Disclaimer: This article is only for
information and not financial advice. The opinions shared here may be the
writer’s personal views. Please do your own research before making any
investment choices. We are not responsible for any money you may lose.
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