- Her $14.8M bitcoin swindle earns Glenda Rogan a 10-year ASIC ban.
- FAAA terminated Rogan’s membership for unfit conduct.
- Investors urged to verify advisers, approach crypto cautiously.
ASIC banned Rogan, a former financial adviser, on guilty of being involved in a crypto scam that deceived clients and mismanaged millions of funds, according to the Australian Financial Review. The prohibition took effect on June 6, 2025, and Rogan was banned from offering financial services or participating in credit activities.
Rogan, who was formerly located in Sutherland Shire and Wollongong, was encouraging an investment scheme that was represented as a fixed-income product, which was actually based on cryptocurrencies. ASIC identified that, over a period of three years and two months (October 2020 to April 2023), Rogan had helped move $14.8 million of client money into bank accounts she controlled or her personal company. The majority of these funds were turned into cryptocurrency and transferred to the wallets associated with the Financial Centre located in the UK.
Rogan violated financial services legislation, according to ASIC, who deemed him to have been deceptive.. The regulator cited her breach of acting in best interests of clients in view of the fact that investors had suffered hefty losses. The actions of Rogan caused mistrust in the area of financial advice, so the regulation had to act quickly.
The Financial Advice Association Australia (FAAA) terminated Rogan’s membership in May 2024 after determining that she was unqualified to continue working as a financial advisor. This came after the ASIC investigation, which is still continuing in an effort to unravel more information about the scheme. Rogan may take the matter to the Administrative Review Tribunal to contest the prohibition.
How the Crypto Scam Unfolded
Rogan’s scheme targeted investors seeking stable returns. She lied and made the cryptocurrency investment look like a fixed-income, low-risk proposal. Customers had faith that their money was secure with Rogan, but she had already moved it to accounts she controlled.
The money was subsequently turned into cryptocurrency and moved into the wallets of the Financial Centre, which ASIC had identified as an unreliable platform. Investors were realizing minimal returns or no returns at all, and most of them lost their life savings. The ASIC inquiry revealed that Rogan neglected his customers’ well-being and failed to do enough due diligence.
ASIC has added the wider implications of such scams by saying that giving out false financial advice undermines the confidence of the people in the industry. The regulator has been putting a deeper focus on cryptocurrency-related investments due to the high-risk level and the ease of fraud with them. For more on protecting investments, visit ASIC’s MoneySmart.
Regulatory Crackdown on Financial Misconduct
The move by ASIC against Rogan is part of its activities to fight financial wrongdoings. The regulator has been keen on ensuring that consumers are not subjected to fraudulent schemes, especially in the unregulated cryptocurrency market. ASIC is keen on enforcement, as seen in recent times with a 27 million dollar penalty on AustralianSuper due to duplicate charging.
ASIC reminds consumers to check the credentials of advisers using the ASIC Financial Advisers Register and to be wary of investments in cryptocurrencies.
