Crypto Fraudster Australian Woman Faces Decade-Long Ban for 9.6 Million Dollars Scheme
A Downfall for Glenda Rogan: 10-Year Ban for Crypto Scam
Get the latest news on Glenda Rogan, the erstwhile financial advisor, who's been barred for ten years due to her alleged involvement in a $9.6 million crypto scam.
In a shocking turn of events, Glenda Maree Rogan, based in New South Wales, is facing severe consequences after the Australian Securities and Investments Commission (ASIC) accused her of misguiding clients and investing their funds in a crude crypto scam scheme. The ban, effective from June 6, also restricts Rogan from holding any position in a financial services business.
Operating under Private Wealth Pty Ltd and the Fincare group of companies, Rogan allegedly conned her clients, making false promises about the investment’s nature, risks, and liquidity.
The crypto scheme involved transferring client funds to accounts controlled by Rogan and her personal company. The majority of the funds were then converted into cryptocurrencies and transferred to wallets controlled by the Financial Centre, a UK trading platform on ASIC's blacklist.
While Rogan duped her clients into believing their money would be invested in high-yield fixed-interest accounts, the truth was far from it. Realistically, these investments carried significant risks, much like investing in cryptocurrencies.
Regulators have been ramping up efforts to combat crypto-related fraud. Over the past few years, ASIC has played a significant role in shutting down a substantial number of crypto investment scams, with over 1,200 crypto scam websites being taken down as of February 2024. Unfortunately, there are no recent updates to report a significantly higher number by August 2024.
This crypto fraud crackdown has been evident in various cases; in March, Brendan Gunn, brother of Olympic breakdancer Rachel "Raygun" Gunn, was charged with dealing with suspected proceeds of crime in a separate crypto fraud case involving $181,000. Additionally, ASIC launched civil proceedings against former ACX.io director Liang "Allan" Guo in May, following the exchange's collapse that left customers with claims exceeding $20 million.
Despite the ban, Rogan maintains the right to appeal to the Administrative Review Tribunal, and ASIC’s investigation into her conduct remains ongoing.
Stay tuned for updates as we continue to unravel the details of this intricate case.
Edited by Sebastian Sinclair
Daily Debrief Newsletter
- The ban on Glenda Rogan, following her involvement in a $9.6 million crypto scam, applies not only to her financial advisory role but also prohibits her from holding positions in any future financial services business.
- The crypto scam orchestrated by Rogan involved transferring client funds into cryptocurrencies, which were then transferred to wallets controlled by the Financial Centre, a UK trading platform known to regulatory authorities.
- ASIC's efforts to combat crypto-related fraud have resulted in the takedown of over 1,200 crypto scam websites as of February 2024, even though no significant increase in the number of taken-down websites has been reported by August 2024.
- The crypto investment landscape, like Rogan's supposed high-yield fixed-interest accounts, carries significant risks, making it essential for investors to properly understand the nature, risks, and liquidity of their investments.
- Paralleling Rogan's case, regulators have taken action against other individuals for crypto fraud-related activities, such as charging Brendan Gunn and launching civil proceedings against Liang "Allan" Guo for their roles in separate crypto fraud cases.
