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The Australian Securities and Investments Commission (ASIC) has imposed a ten-year industry ban on Glenda Maree Rogan, a financial adviser accused of misusing nearly $10 million in client funds.
The ban, effective from June 6, prevents Rogan from offering financial advice or being involved in any financial services business across the country, according to a June 11 press release.
Between March 2022 and June 2023, Rogan allegedly transferred client money into a cryptocurrency investment scheme, despite telling them it was being invested in a low-risk, fixed-interest product.
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At the time, she was working as an authorised representative of Private Wealth Pty Ltd and the Fincare group. ASIC said she provided false information to her clients and misled them about the investment’s safety, accessibility, and nature.
According to the regulator, Rogan also claimed to be acting on behalf of Fincare, when in fact that was not the case. She reportedly redirected investor funds into bank accounts under her control or those of her personal company.
These funds were then converted into cryptocurrency and sent to digital wallets owned by an entity called the Financial Centre, an overseas platform that ASIC has already identified as a possible scam.
ASIC concluded that Rogan is not a “fit and proper person” to work in the financial services industry and stated that there was a strong likelihood she would breach the rules again if allowed to continue.
Meanwhile, South Korean actress Hwang Jung-eum was recently removed from the reality show Because I’m Single and from Daesang Wellife Nucare’s advertising campaign. What happened? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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