The Australian Securities and Investments Commission (ASIC) has disqualified former financial adviser Glenda Maree Rogan from participating in the financial services industry for a decade.
Former Adviser Accused of Misleading Conduct
ASIC found that Rogan engaged in misleading conduct and transferred over $14.8 million of client, family, and associate funds into a cryptocurrency scheme that appears to be fraudulent.
The regulator determined that between March 2022 and June 2023, Rogan channelled funds into a platform named the Financial Centre, which is not licensed to operate in Australia and appears on ASIC’s Investor Alert List. She was, at the time, acting as an authorised representative of Private Wealth Pty Ltd, a business under the Fincare group, which also comprises Fincare Planning Pty Ltd.
Image 1: (Source: ASIC)
Funds Misdirected to High-Risk Crypto Platform
ASIC reported that Rogan provided misleading information about the investment to individuals who had entrusted her with their money. Investors were led to believe their money was being placed in a secure, high-yield fixed interest product. In reality, the funds were used for cryptocurrency transactions, with significant portions transferred to wallets associated with the Financial Centre.
These transactions were processed through bank accounts held in Rogan’s name and in the name of her private company. The regulator’s findings indicate that she acted outside her authorised capacity, despite presenting the arrangement as part of her role within the Fincare network.
The Australia regulator also stated that Rogan had sufficient reason to question the legitimacy of the Financial Centre as early as October 2022. Despite this, she continued to facilitate transfers until mid-2023. The platform is based overseas and has been identified as operating without proper licensing.
ASIC Findings and Regulatory Action
ASIC concluded that Rogan’s behaviour did not comply with financial services law, citing deceptive conduct and a failure to act in an honest and competent manner. The commission also noted that she is not considered a fit and proper person to be involved in the industry and is likely to contravene financial services laws if allowed to continue operating.
Effective from 6 June 2025, Rogan is banned from providing financial services, from being involved in any capacity in the financial services sector, and from managing or controlling any financial services entity. Her ban is now recorded on ASIC’s banned and disqualified register.
Rogan, who previously worked across the Sutherland Shire and Wollongong regions, held various director roles within the Fincare group between May 2014 and February 2024. Her authorisation to operate under an Australian Financial Services (AFS) licence ceased on 8 February 2024. Glenda Rogan can opt to have the regulator’s decision reviewed by taking the matter to the Administrative Appeals Tribunal.
ASIC’s investigation into Rogan’s activities is continuing, and further outcomes may arise based on its findings. The Australian Financial Complaints Authority has opened the door for individuals impacted by the conduct to lodge a formal complaint
Image 2: (Source: ifa)
Broader Regulatory Efforts on Crypto Risks
The case comes as Australian regulators intensify scrutiny over digital asset activities. On 3 June, AUSTRAC, the country’s financial intelligence body, implemented new guidelines for crypto ATM operators in a move to disrupt scams. Earlier in April, AUSTRAC advised dormant registered crypto exchanges to cancel their registrations to reduce misuse risks.
In a separate effort earlier this year, AUSTRAC also took regulatory measures against 13 remittance service providers and cryptocurrency exchanges. Investigations into over 50 additional entities remain ongoing.
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ASIC’s enforcement action against Rogan aligns with a broader strategy to tighten oversight of crypto-related activities and ensure that financial advisers adhere to legal and ethical standards.
