Australian Regulator Bans Financial Adviser Over $9.6M Crypto Scam

Australia’s financial watchdog has banned a financial adviser from providing services for a decade after uncovering her role in a cryptocurrency-related scam that affected clients, family, and friends. On Thursday, the Australian Securities and Investments Commission (ASIC) announced the 10-year ban on Glenda Maree Rogan, citing misconduct and deceptive practices involving nearly $9.6 million (AU$14.8 million) in misused funds. Between March 2022 and June 2023, Rogan allegedly transferred clients’ money to personal and business accounts, converted the majority into cryptocurrency, and sent it to a platform called Financial Centre—an entity ASIC has officially flagged as unlicensed and untrustworthy. The agency claimed Rogan had likely been aware of the platform’s questionable nature as early as October 2022, yet continued redirecting investments there. “Ms. Rogan misled her clients about the nature, risks, and liquidity of their investments,” ASIC stated, adding that she induced them to participate under false pretenses. Scam Misled Clients Rogan was previously a director and financial adviser at Fincare Group, which operated in Sutherland and Wollongong—two suburbs south of Sydney. According to ASIC, she maintained this position from May 2014 until early February 2024. During this time, she reportedly assured her clients they were investing in high-yield, fixed-interest accounts, when in reality, their money was being funneled into a suspected scam. ASIC’s investigation found that Rogan no longer held an Australian Financial Services License as of February 8, 2024, making her unauthorized to continue offering financial advice or services. The 10-year ban, which took effect on June 6, prohibits her from controlling or working for any business involved in financial services. However, Rogan retains the right to appeal the decision through the Administrative Review Tribunal. The regulator said it had “reason to believe that Ms. Rogan is not a fit and proper person” to remain in the financial services sector and that she is likely to breach financial laws again if left unchecked. ASIC confirmed that further investigations into the case are still underway. Australia Ramps Up Crypto Oversight Rogan’s ban comes amid Australia’s broader efforts to tighten oversight on cryptocurrency activities. On June 3, the country’s financial intelligence unit, AUSTRAC, introduced new transaction limits and rules for crypto ATM operators to combat scam cases . In April, it warned dormant exchanges to deregister or face cancellation due to security concerns. Earlier this year, AUSTRAC took enforcement actions against 13 crypto and remittance service providers, with more than 50 others still under investigation. The post Australian Regulator Bans Financial Adviser Over $9.6M Crypto Scam appeared first on TheCoinrise.com .

Source: The Coin Rise