$15m crypto scam costs former adviser 10 years

A former financial adviser that redirected $14.8 million in client and family funds into a crypto scam has been banned for 10 years.

Glenda Rogan of Wollongong and Sutherland Shire allegedly transferred at least $14.8 million of funds invested by clients, family and friends to a cryptocurrency-based investment scam.

Between March 2022 and June 2023, she allegedly transferred the money into accounts held in her name and that of her personal company before converting it into cryptocurrency and transferring it to various wallets nominated by the Financial Centre.

The Financial Centre purports to be a UK-based trading platform - one that Rogan should have been suspicious of since at least October 2022, ASIC said. It is now listed on ASIC's Investor Alert List, having been added in February 2024.

During this time, Rogan was a financial adviser with Fincare and an authorised representative of Private Wealth Pty Ltd. Her authorisation was revoked in February 2024.

Rogan was banned for engaging in misleading or deceptive conduct. ASIC said 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."

Rogan is also banned from performing any function within a financial services business and controlling any financial services business.

ASIC said its investigation into her conduct is ongoing. It directed former clients and others impacted by Rogan's conduct to contact the Australian Financial Complaints Authority.

According to her LinkedIn, Rogan was a chartered accountant and a Certified Financial Planner.

The Financial Advice Association Australia terminated Rogan's membership in May 2024 following complaints from former clients.