ASIC Bans Financial Adviser Over $14.8M Crypto Scam Fraud

Key Takeaways:

• Glenda Maree Rogan has been banned from the financial services industry for ten years due to misconduct involving cryptocurrency fraud.
• ASIC determined she engaged in deceptive conduct, misrepresenting risky crypto investments as secure, fixed-income products.
• Over $14.8 million from clients, family, and friends was misused and funneled into unlicensed crypto platforms.

The ten-year ban has been imposed on Glenda Maree Rogan, previously of Sutherland Shire and Wollongong, by the Australian Securities and Investments Commission (ASIC) following an investigation of serious misconduct.

The past accountant and wealth planner was discovered to have indulged in unethical methods while associated with the group of companies of Fincare and operating under the license of Private Wealth Pty Ltd.

Between March 2022 and June 2023, Ms Rogan facilitated the transfer of approximately $14.8 million in client funds to what has since been identified as a cryptocurrency scam.

According to ASIC, the funds invested by clients, friends, and family were redirected into high-risk crypto assets under the guise of a low-risk, fixed-income investment product. Investors had been made to believe that money was secure with them and professionally managed, while in reality it was misused.

ASIC Found Pattern of Negligence and Ethical Breaches

Throughout the period in question, Ms Rogan was an authorized agent of Private Wealth Pty Ltd, utilizing her role to add credibility to the investment scheme. She reportedly funneled investor funds through accounts she controlled personally or through her company.

The majority of those funds were then converted to cryptocurrency and sent to wallets associated with the Financial Centre, a trading platform listed on ASIC’s alert list for being unlicensed and unreliable.

The regulator concluded that Rogan’s conduct reflected not just a contempt of legal and ethical practices but also an absence of proper due diligence. ASIC opines she had cause to be skeptical of the scheme as far back as in the month of October 2022 but never made any corrective steps or alerted clients accordingly.

This was the premise upon which it was concluded that she was neither competent nor fit and proper to conduct business in the financial services sector.

Industry Ban and Continuing Investigations

Effective from 6 June 2025, Ms Rogan is banned from performing any role related to financial services or controlling an entity that provides such services. Her name is included in ASIC’s banned and disqualified register.

While she can appeal this finding through the Administrative Review Tribunal, the regulator’s investigation of her actions is ongoing.

Those affected by these actions are being urged to make complaints to the Australian Financial Complaints Authority (AFCA), while authorities continue to deal with the wider aftermath of this misconduct.

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