ASIC Bans Wollongong-Based Financial Advisor Over Cryptocurrency Scam

Strategic Insights -

A Wollongong-based financial advisor, Glenda Maree Rogan, has been slapped with a 10-year ban by the Australian Securities and Investments Commission (ASIC) for transferring millions of dollars in client funds to a cryptocurrency investment scam. The ban comes after ASIC found Rogan to have engaged in "misleading or deceptive conduct" and deemed her unfit to provide financial services. The incident unfolded between 2022 and 2023, when Rogan transferred at least $14.8 million to a cryptocurrency-based investment scam, claiming it was a high-yield fixed interest account.

Key Takeaways:

  • Glenda Maree Rogan, a Wollongong-based financial advisor, has been banned for 10 years by ASIC for transferring millions of dollars in client funds to a cryptocurrency investment scam.
  • Rogan worked for the Fincare group of companies between March 2022 and June 2023, during which time she transferred at least $14.8 million to the scam.
  • ASIC found that Rogan engaged in "misleading or deceptive conduct" and made false statements to clients about the nature, risks, and liquidity of the investment.
  • The majority of the transferred funds were converted to cryptocurrency and sent to various wallets nominated by The Financial Centre, an unlicensed entity listed on ASIC's Investor Alert List.
  • ASIC determined that Rogan would have had suspicions about the legitimacy of The Financial Centre from at least October 2022.
  • Rogan's membership in Financial Advice Association Australia was terminated last year following client complaints.
  • She has not been licensed or authorized to provide financial services under an Australian financial services license since February 2024.

Statistics:

  • $14.8 million: The minimum amount of funds invested by clients, family, and friends that was transferred to the cryptocurrency investment scam by Rogan.
  • 100%: The percentage of funds converted to cryptocurrency that were sent to wallets nominated by The Financial Centre.
  • 10 years: The length of Rogan's ban from providing financial services.
  • 2022: The year in which Rogan allegedly began having suspicions about the legitimacy of The Financial Centre.
  • 2022-2023: The period during which Rogan worked for the Fincare group of companies and transferred funds to the scam.

Sources:

  • ASIC statement on Rogan's ban
  • [No external link provided in the source article]
  • ASIC's Investor Alert List: The Financial Centre