Australia’s financial regulator has banned a decade-long adviser after sending client funds into a risky cryptocurrency operation. Glenda Maree Rogan has transferred a $14.8 million ($9.6 million) share to a platform already marked as unlicensed, the Australian Securities and Investment Commission (ASIC) said. It is reported that customers, family and friends will be lost when their money disappears into what ASIC says is possible scam.
Consultant accused of misleading clients
According to ASIC, Rogan proposed a “high yield fixed interest account” between May 2014 and February 2024. But instead of putting the funds into a secure account, it would transfer multiple times into her personal and corporate banking records. Many funds are then converted into cryptocurrencies and sent to financial centers, with ASIC warning that “no trust should be trusted.”
Image: Entrust
Funds routed through personal accounts
According to the report, Rogan remittances money from March 2022 to June 2023. Over that 16 months, she sent $14.8 million to her personal and corporate accounts, and then pushed most of that toward cryptocurrency. Investigators said she must have doubted the platform’s legitimacy by October 2022, but continued anyway. Now, investing in family and close friends based on her advice is underway.
Implemented a 10-year ban
ASIC announced that the 10-year ban will take effect on June 6, 2025. Under the ban, Rogan cannot provide or control any financial services business. The regulator said she was “not a suitable person” and could violate the Financial Services Act if allowed to continue. Her license expired on February 8, 2024 and she has not been permitted since. Rogan can appeal through the Administrative Review Court, but her name is currently on the register where ASIC is prohibited and disqualified.
Widespread crypto suppression
The move comes with a broader push toward Australia’s Shady Crypto action. On June 3, Australians introduced new regulations and set a styling scam for the transaction cap of crypto ATMs. In April, inactive crypto exchanges were told to eliminate or cancel facial cancellations. In February, Australians took action against 13 remittance companies and exchanges, scrutinizing potential violations over 50 times. Regulators have made it clear that unlicensed services will face swift enforcement.
Investors are urged to check the ASIC’s register before paying cash. Highly promised returns, especially in cryptocurrencies, should add red flags. Anyone who hits the so-called “guarantee” may stare at an unregulated plan. Although ASIC continues to ask Rogan, the case emphasizes how careful people have to be when trusted advisers direct them to something that sounds too good to achieve.
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