Key Highlights
- Glenda Maree Rogan charged with stealing 9.6 million dollars off clients.
- Money was fraudulently said to be held in high interest fixed interest accounts.
- ASIC banned him for 10 years effective June 6, 2025.
- Rogan was an authorised representative of Private Wealthy Pty Ltd, and Fincare.
- The funds were transferred to a crypto exchange named The Financial Centre.
- ASIC is continuing its attack on crypto fraud in Australia.
History of the Scam
The Glenda Maree Rogan Crypto Scam
Over seven months, between March 2022 and June 2023, Australian financial adviser Glenda Maree Rogan stole $9.6 million of client funds. As the Australian Securities and Investments Commission (ASIC) disclosed, Rogan had been redirecting the client funds promised to be invested in low-risk, high-yield interest accounts into a crypto investment scam of high-risk instead.
The Ways Clients Were Mislead
Rogan was a representative and authorised representative of the Private Wealthy Pty Ltd and also the Fincare group of firms. It is also said that she lied to clients that they were transacting with her under the Fincare name and concealed the true nature of the investments by concealing their crypto-linked risk.
Victims had been informed that their money was being invested into safe, fixed interest products, when in actual fact Rogan was moving the money into bank accounts she controlled or her personal company, which at some point she transferred into cryptocurrency wallets.
ASIC Action and Ban
On June 11, 2025, ASIC issued a statement that Rogan was banned for 10 years, effective June 6. The prohibition does not allow her to:
- Offering any kind of financial services
- Carrying out any activity in financial services business
- Any entity that has control in the financial services.
Glenda Maree Rogan crypto scam has now ended up on the banned and disqualified register of ASIC.
What is The Financial Centre?
This is a large brokerage firm in the United Kingdom that trades crypto. A big chunk of the stolen money was allegedly transferred to The Financial Centre. As indicated by ASIC, this platform is already blacklisted in Australia since previous fraudulent activities have been reported.
Rogan had moved the money of investors directly to crypto wallets associated with this platform, adding to the deception and losses.
ASIC’s Increasing Crackdown on Crypto Fraud
ASIC has been intensifying the fight against crypto-related scams. The regulator affirmed in a 2024 report that it assisted in closing more than 615 crypto scams.
The new move comes after ASIC filed a civil case in May against Liang Allan Guo, the former director of the failed exchange ACX.io, with customer claims worth more than 20 million dollars.
ASIC is also concerned with the protection of investors, particularly those that are vulnerable in high-risk areas, such as the cryptocurrency.
“ASIC is committed to removing deceptive advisers from the industry and holding them accountable,” said an ASIC spokesperson (paraphrased for style).
Where to Next Rogan?
As the investigation by ASIC is pending, Rogan can appeal to the Administrative Appeals Tribunal. Nevertheless, the reputational and trust-based damage in the financial advisory circles is already considerable.
Customers and companies that were affiliated with Rogan via Private Wealthy and Fincare now examine possible legal options and demand compensation.
Conclusion
The Glenda Maree Rogan crypto scam serves as a potent warning about the dangers of unregulated crypto investments and the necessity of disclosure in financial consultation. With ASIC constantly closing in on illegal opportunities, investors and advisers should remain updated and aware.