🚨 Australia Hits Adviser with 10-Year Ban Over Crypto Scam
In a landmark decision, the Australian Securities and Investments Commission (ASIC) has prohibited former financial adviser Glenda Maree Rogan from offering financial services for a decade. The decision, effective from June 6, 2025 comes after Rogan allegedly misled clients between March 2022 and June 2023, diverting a whopping A$14.8 million (or about $9.6M) into a fraudulent crypto scheme.
False Promises and Offshore Wallets 💸
Rogan presented her clients with what appeared to be high-yield fixed-interest accounts. However, the reality was far different; funds were transformed into cryptocurrencies and shifted to wallets connected to a dubious UK-based trading platform, flagged by ASIC. By late 2022, regulators alleged Rogan knew or suspected the platform wasn't legitimate.
New Name on the National Banned Register 📜
The scheme unfolded through bank accounts controlled by Rogan and her personal company, from where money vanished into offshore accounts. Recognizing this pattern, ASIC barred her from financial services, noting a high likelihood of reoffending.
Australia's Crypto Landscape: Opportunities and Risks 🌐
Australia's dive into digital assets has witnessed substantial adoption with 32.5% of adults engaging in cryptocurrencies as of 2025. However, this enthusiasm isn't without its pitfalls. Australians reported losses exceeding A$180 million to crypto-related scams in a year, including A$3 million linked to crypto ATM scams.
While Rogan's story mirrors the 'dark side' of crypto advancements, ASIC hopes its decisive action sends a clear message: deception and abuse of trust in the crypto world have serious consequences. As the ASIC investigation continues, Australian financial markets watch closely. For a nation keen on embracing the future of digital assets, maintaining integrity remains paramount.
