Australia’s Financial Regulator Enforces Decade-Long Ban on Sydney Adviser
The Australian Securities and Investments Commission (ASIC), the nation’s financial regulatory body, has imposed a substantial 10-year ban on a financial adviser based in Sydney. This disciplinary action follows the adviser’s involvement in directing client investments into a cryptocurrency scheme flagged as potentially fraudulent. Glenda Maree Rogan is accused of channeling A$14.8 million (approximately $9.6 million USD) into a platform identified as lacking proper licensing. Many of her clients, alongside friends and family, suffered financial losses as their investments were absorbed into what ASIC suspects to be a fraudulent operation.
Adviser Allegedly Misled Clients with False Promises
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ASIC’s investigation reveals that Rogan promoted a “high-yield fixed-interest account” from May 2014 to February 2024 while serving as an accountant and financial adviser at Fincare’s Sutherland and Wollongong offices. Instead of securing these funds in legitimate accounts, she rerouted substantial sums into her personal and business accounts. A significant portion of these funds was then transferred into cryptocurrency and directed to Financial Centre, a platform that ASIC has explicitly advised the public not to trust.
Funds Diverted Through Personal Channels
Rogan’s financial maneuverings spanned from March 2022 to June 2023, a period during which she redirected A$14.8 million through personal and corporate accounts before converting much of it into cryptocurrency. Investigative findings suggest that she likely harbored doubts about the platform’s credibility by October 2022 but proceeded with her actions regardless. This has left her family, friends, and other investors entangled in an ongoing investigation.
A Comprehensive 10-Year Ban Enforced
ASIC implemented the 10-year ban starting June 6, 2025, effectively prohibiting Rogan from offering or managing any financial services. The regulator has declared her “not a fit and proper person,” indicating a high likelihood of future legal violations within the financial services sector if she were to continue. Her professional license, which expired on February 8, 2024, has not been renewed, leaving her without official credentials. Although she retains the right to appeal the decision through the Administrative Review Tribunal, Rogan is currently listed on ASIC’s register of banned and disqualified individuals.
Expanding Regulatory Scrutiny on Cryptocurrency
This decisive action against Rogan is part of a broader regulatory crackdown on questionable crypto activities in Australia. On June 3, AUSTRAC introduced new regulations and imposed transaction limits on cryptocurrency ATMs to combat fraudulent activities. In April, the agency instructed inactive crypto exchanges to deregister or face cancellation. Furthermore, in February, AUSTRAC initiated actions against 13 remittance companies and exchanges, with over 50 others under review for potential regulatory violations. Regulators are sending a clear message that unlicensed financial services will face swift and decisive enforcement measures.
Investors are strongly advised to consult ASIC’s register before committing funds to any investment. Promises of exceptionally high returns, particularly in the realm of cryptocurrency, should raise immediate concerns. Any entity offering a “guarantee” may be part of an unregulated scheme. As ASIC continues its investigation into Rogan’s activities, this case highlights the necessity of exercising caution when a supposedly trustworthy adviser promotes opportunities that seem too promising to be legitimate.
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