A financial advisor transferred millions of dollars from clients into a crypto scam, ASIC alleges. Photo: alicat.
An accountant based in Wollongong allegedly poured millions of dollars from clients into a cryptocurrency scam.
ASIC has slapped Wollongong and Sutherland Shire-based Glenda Maree Rogan with a decade-long ban from providing financial services.
Ms Rogan was an accountant and director at a group of companies called Fincare.
A spokesperson for ASIC said her alleged misconduct dated back to 2014.
“ASIC found that Ms Rogan did not comply with a financial services law by engaging in misleading or deceptive conduct,” the ASIC spokesperson said.
“ASIC also found it had reason to believe that Ms Rogan is not a fit and proper person, is not competent to participate in the Australian financial services industry and is likely to contravene a financial services law.
“Between March 2022 and June 2023, while she was a financial adviser with Fincare and an authorised representative of Australian Financial Services licensee Private Wealth Pty Ltd, Ms Rogan transferred at least $14.8 million of funds invested by clients, family and friends to a cryptocurrency-based investment scam.
“Ms Rogan made false statements to clients, and engaged in conduct that misled clients, about the nature, risks and liquidity of the investment to induce them to invest.
“These included that it was a high-yield fixed interest account, rather than cryptocurrency which carried significant risk, and that clients were dealing with her in her capacity as a representative of Fincare.
“Investors’ funds were transferred to bank accounts held by Ms Rogan and her personal company, the majority of which were converted to cryptocurrency then transferred to various wallets nominated by the Financial Centre, purportedly a UK-based trading platform.
“The Financial Centre is listed on ASIC’s Investor Alert List as an unlicensed entity that should not be trusted.
“ASIC found that Ms Rogan would have had suspicions about the legitimacy of the Financial Centre from at least October 2022.”
Ms Rogan has not been licensed or authorised to provide financial services under an Australian financial services licence since 8 February 2024.
ASIC has called on anyone affected by her conduct to lodge a complaint with the Australian Financial Complaints Authority.
Ms Rogan’s 10-year ban prevents her from performing any function involved in the carrying on of a financial services business, and controlling an entity that carries on a financial services business.
The ban took effect from 6 June 2025.
Ms Rogan’s banning has been recorded on ASIC’s banned and disqualified register.
Ms Rogan has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
ASIC’s investigation into Ms Rogan’s conduct is ongoing.
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