$14.8m ‘crypto scam’ involvement sees former adviser hit with 10-year ban

The Australian Securities and Investments Commission (ASIC) announced it has banned former Sutherland Shire and Wollongong-based financial adviser Glenda Maree Rogan from providing financial services for 10 years.

Between March 2022 and June 2023, while she was a financial adviser with the “Fincare” group of companies (Fincare) and an authorised representative of Australian Financial Services (AFS) licensee Private Wealth Pty Ltd, the regulator said Rogan “transferred at least $14.8 million of funds invested by clients, family and friends to a cryptocurrency-based investment scam”.

“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,” ASIC said.

“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.”

As a result, ASIC found that Rogan did not comply with a financial services law by engaging in misleading or deceptive conduct. The regulator also found it had reason to believe that 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.

During the period of misconduct, Rogan was an accountant and financial adviser at a group of companies known as Fincare in Sutherland and Wollongong, being Fincare Planning Pty Ltd, Fincare Private Wealth Pty Ltd and Fincare Accounting Pty Ltd.

She was also a director of those companies at various times between May 2014 and 8 February 2024 and was an authorised representative of AFS licensee Private Wealth Pty Ltd from 10 November 2020 to 8 February 2024.

The ban also includes:

• Performing any function involved in the carrying on of a financial services business.
• Controlling an entity that carries on a financial services business.

The banning took effect from 6 June 2025 and Rogan has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.

Rogan has not been licensed or authorised to provide financial services under an Australian Financial Services Licence since 8 February 2024.

ASIC said its investigation into Rogan’s conduct is ongoing.

The Financial Advice Association Australia had also previously terminated Rogan’s membership in May 2024, finding she was “not a fit and proper person to hold FAAA membership”.