Australian regulatory authorities prohibit former advisor involved in AUD 14.8 million cryptocurrency scam from working in financial services industry for ten years

The Australian Securities and Investments Commission (ASIC) has announced that former financial advisor Glenda Rogan has been banned from working in the financial services industry for ten years. The investigation found that she transferred at least AUD 14.8 million of client funds to cryptocurrency investment scams during her tenure from March 2022 to June 2023. Rogan falsely advertised the investment to clients as a 'high-yield fixed interest account', concealed the high-risk nature of its cryptocurrency, and falsely claimed that the transaction was conducted through a legitimate financial platform. The funds are ultimately transferred to their personal account and exchanged for cryptocurrency, flowing to the "financial center" platform listed as an unlicensed institution by ASIC. During the period of misconduct, Rogan was an accountant and financial advisor for a group of companies called Fincare in the Sutherland and Wollongong region.