This news from Australia has the financial world, especially the crypto sphere, in a frenzy of concern. In a firm reaction against financial misconduct, the Australian Securities and Investments Commission, ASIC, has issued a 10-year ban against a former financial adviser, Glenda Maree Rogan, after she was found to have channeled AUD 14.8 million, approximately USD 9.6 million, into a cryptocurrency-based investment fraud.
The high-profile case is another example of Australia’s intensifying focus on crypto-related deception and its willingness to levy severe penalties. So, to help you understand how this will change things for crypto, this article will go over the timeline, mechanics, repercussions, and overarching effects of the $9.6 million crypto scam.
What Actually Happened In The $9.6 Million Crypto Scam?
According to ASIC’s investigation findings, from March 2022 to June 2023, financial adviser Glenda Maree Rogan misrepresented a supposed “high-yield fixed-interest account” to clients. Many of them were her family members and friends.
Moreover, instead of investing their funds as promised, she funneled them into accounts under her control and converted most into cryptocurrency. She then transferred the proceeds to an unlicensed crypto platform known as “Financial Centre”.
She gained trust since she worked as both an adviser and an accountant at the Fincare group, comprising Fincare Planning, Fincare Private Wealth, and Fincare Accounting, based in Sutherland Shire and Wollongong, New South Wales. She also served as a director of these companies from May 2014 to February 2024 and was authorised under an Australian Financial Services (AFS) licensee company.
Now, this genuinely overwhelming USD 9.6 million crypto scam, initially appearing as a lucrative venture, left victims believing in a safe return on investment. They just saw their savings vanish into thin air, however. Here’s how the crime was executed:
- Misleading Product Identity
Rogan intentionally marketed the product as a low-risk, fixed-interest investment. In truth, client funds were being turned into crypto, central to the $9.6 million crypto scam, without clients’ knowledge .
- Funds Channeled Through Personal Accounts
Initial transfers went into her personal and Fincare-associated accounts, raising questions about accountability and oversight, a major component of the $9.6
- Usage of an Unlicensed Crypto Platform
Money was dispatched to Financial Centre, a UK-based crypto exchange flagged on ASIC’s Investor Alert List as untrustworthy. By late 2022, ASIC concluded that Rogan must have harbored suspicions about its legitimacy, another red flag in the $9.6 million crypto scam.
Why the Ban Was So Severe
By June 2025, ASIC has formalized the ban, with Rogan’s misconduct falling firmly into the category of ”fraudulent financial advice”. The fact is, this $9.6 million crypto scam is one of Australia’s more drastic recent financial misconduct cases in recent decades.
After its investigations, ASIC called Rogan “not a fit and proper person,” citing her “misleading or deceptive conduct,” and serious regulatory breaches. Also, a high risk of reoffending. ASIC also recorded Rogan on its banned and disqualified register. While she does retain the right to appeal before the Administrative Appeals Tribunal, her status is basically suspended.
Ongoing Investigations and Broader Crackdown
The ban is part of an expansive ASIC and AUSTRAC crackdown on crypto scams: on June 3, AUSTRAC deployed new operating rules and caps on cryptocurrency ATM transactions
Then, in April, inactive crypto exchanges were warned to deregister or face repercussions. Since then, over a dozen remittance providers have faced probes for anti-money laundering compliance in their systems.
This started between March 2022 and June 2023: back then, funds that totaled around AUD 14.8 M were funneled into the scam. However, it was in February 2024 when Rogan’s license expired; she had no valid Australian Financial Services License after this time.
Finally, on Jun 6, 2025, ASIC enacted the 10-year ban for the $9.6 million crypto scam . This timeline of the events shows us not only the duration and insane depth of the $9.6 million crypto scam, but also the systematic oversight failures that allowed it to even happen and get to this point.
You can already tell that this is not an isolated case; it was early 2025 when ASIC also filed proceedings against a former crypto executive for the collapse of ACX. With that, there were other instances of crypto-related misconduct, too.
Things The $9.6 Million Crypto Scam Will Change
The case is actually also a sobering reminder that cryptocurrency scams are no longer limited to anonymous online predators, with college students rug-pulling each other on livestreams. Now, trusted professionals in authentic, licensed firms are making use of digital assets to perpetrate fraud.
- Heightened Regulatory Scrutiny
ASIC’s decisiveness in response signals that the crypto advisory sector, even when intertwined with traditional products like fixed-interest plans, is under intense surveillance.
- Professional Reputation at Risk
Because of this, the legitimate financial advisers are being reminded of the necessity of being transparent and following regulations, particularly when cryptocurrency is involved.
- Investor Education and Awareness
Of course, the case emphasizes the importance of “investor diligence”. This is why trusted professionals advising “high-yield, fixed-interest” deals should encourage clients to always go for a closer investigation.
- Cross-Border Enforcement Challenges
With funds traced to offshore platforms, the case spotlights the international complexity of halting and recovering from crypto schemes.
This new reality has raised quite a few questions about the maturity of crypto regulation. Not to mention, the readiness of financial institutions to detect and respond to these new forms of threats.
Conclusion
Australia’s action against the $9.6 million crypto scam orchestrated by Glenda Rogan sends a clear message: deceptive use of crypto under the guise of traditional investments will not be tolerated – at all. Hence, even as there are rogues operating at the intersection of finance and digital assets, there are still regulators adapting with equal, or maybe greater, force.
The 10-year ban and ongoing investigations, along with the public warnings being issued, all communicate how Australia is committed to consumer protection and legal security in its financial systems.
Frequently Asked Questions (FAQs)
What exactly was the $9.6 million crypto scam?
Between March 2022 and June 2023, Glenda Rogan diverted AUD 14.8 M (US$9.6 M) from clients into a crypto platform, disguising it as a fixed-interest investment, with no client awareness or authorization.
What is the Financial Centre crypto platform, and why was it flagged by ASIC?
The platform Rogan used, called “Financial Centre”, is an unlicensed, offshore crypto exchange that’s been flagged by ASIC on its Investor Alert List. It’s actually known for being involved in suspicious activity; ASIC had already issued warnings about this platform before Rogan sent client funds to it.
Can this kind of crypto scam happen again with another adviser?
Unfortunately, yes – that is, unless tighter regulations are implemented. The $9.6 million crypto scam shows how mixing traditional financial services with unregulated crypto dealings can bypass all, or at least most, of the existing controls in the industry.
