- Her $14.8M bitcoin swindle earns Glenda Rogan a 10-year ASIC ban.
- FAAA terminated Rogan’s membership for unfit conduct.
- Buyers urged to confirm advisers, strategy crypto cautiously.
ASIC banned Rogan, a former monetary adviser, on responsible of being concerned in a crypto rip-off that deceived shoppers and mismanaged tens of millions of funds, in line with the Australian Monetary Evaluation. The prohibition took impact on June 6, 2025, and Rogan was banned from providing monetary providers or taking part in credit score actions.
Rogan, who was previously situated in Sutherland Shire and Wollongong, was encouraging an funding scheme that was represented as a fixed-income product, which was really primarily based on cryptocurrencies. ASIC recognized that, over a interval of three years and two months (October 2020 to April 2023), Rogan had helped transfer $14.8 million of consumer cash into financial institution accounts she managed or her private firm. The vast majority of these funds had been was cryptocurrency and transferred to the wallets related to the Monetary Centre situated within the UK.
Rogan violated monetary providers laws, in line with ASIC, who deemed him to have been misleading.. The regulator cited her breach of appearing in finest pursuits of shoppers in view of the truth that buyers had suffered hefty losses. The actions of Rogan induced distrust within the space of economic recommendation, so the regulation needed to act rapidly.
The Monetary Recommendation Affiliation Australia (FAAA) terminated Rogan’s membership in Might 2024 after figuring out that she was unqualified to proceed working as a monetary advisor. This got here after the ASIC investigation, which continues to be persevering with in an effort to unravel extra details about the scheme. Rogan might take the matter to the Administrative Evaluation Tribunal to contest the prohibition.
How the Crypto Rip-off Unfolded
Rogan’s scheme focused buyers searching for secure returns. She lied and made the cryptocurrency funding seem like a fixed-income, low-risk proposal. Prospects had religion that their cash was safe with Rogan, however she had already moved it to accounts she managed.
The cash was subsequently was cryptocurrency and moved into the wallets of the Monetary Centre, which ASIC had recognized as an unreliable platform. Buyers had been realizing minimal returns or no returns in any respect, and most of them misplaced their life financial savings. The ASIC inquiry revealed that Rogan uncared for his clients’ well-being and did not do sufficient due diligence.
ASIC has added the broader implications of such scams by saying that giving out false monetary recommendation undermines the arrogance of the folks within the trade. The regulator has been placing a deeper deal with cryptocurrency-related investments because of the high-risk stage and the convenience of fraud with them. For extra on defending investments, go to ASIC’s MoneySmart.
Regulatory Crackdown on Monetary Misconduct
The transfer by ASIC towards Rogan is a part of its actions to combat monetary wrongdoings. The regulator has been eager on making certain that customers should not subjected to fraudulent schemes, particularly within the unregulated cryptocurrency market. ASIC is eager on enforcement, as seen in latest instances with a 27 million greenback penalty on AustralianSuper as a result of duplicate charging.
ASIC reminds customers to test the credentials of advisers utilizing the ASIC Monetary Advisers Register and to be cautious of investments in cryptocurrencies.