Australia bans financial adviser for 10 years for $9.6M crypto scam

Australia’s financial regulator alleges Glenda Maree Rogan told clients they were investing in a high-yield fixed-interest account but sent their funds to a crypto exchange listed as a scam.

Australia’s markets regulator has banned a financial adviser from offering financial services for 10 years, alleging she deceptively invested her clients’ money into a crypto platform listed as a possible scam.

The Australian Securities and Investment Commission (ASIC) said on Thursday that it had put Glenda Maree Rogan on a decade-long ban for allegedly transferring 14.8 million Australian dollars ($9.6 million) “invested by clients, family and friends to a cryptocurrency-based investment scam.”

The agency claimed that between March 2022 and June 2023, Rogan took her clients’ funds and moved them to personal and company bank accounts before converting a majority to crypto and sending the money to the crypto platform Financial Centre.

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