Crypto Scam Lands Australian Woman in Ten-Year Ban Amid $9.6M Fraud Scheme

Crypto Scammer Banned for Fleecing Clients of Millions

Adviser Rogan Banned for 10 Years After Stealing $9.6M to Invest in Crypto Ponzi Scheme

In a shocking case of financial fraud, an Australian financial adviser has been banned from the industry for 10 years after allegedly stealing $9.6 million from clients to invest in a cryptocurrency scam.

Glenda Maree Rogan, who worked for Private Wealth Pty Ltd and the Fincare group, is accused of misleading clients about the nature, risks, and liquidity of the investments she recommended. According to regulators, she transferred client funds to a crypto Ponzi scheme between March 2022 and June 2023.

The Australian Securities and Investments Commission (ASIC) reports that Rogan converted most of the stolen money into cryptocurrency and sent it to wallets controlled by the Financial Centre - a UK-based trading platform already blacklisted by ASIC.

Regulators Crack Down on Crypto Fraud Amid Scam Surge

This case highlights the growing problem of crypto-related fraud in Australia, where authorities have been actively shutting down investment scams. ASIC claims to have helped close 615 crypto investment schemes as of August 2024.

The crackdown comes as consumer watchdogs express concern about potential regulatory changes in the US. The Australian Competition and Consumer Commission (ACCC) has warned that relaxed crypto regulations under former President Trump could lead to more scams targeting Australian investors.

Rogan's Ban Highlights Broader Crypto Fraud Epidemic

Rogan's case is just one of many high-profile crypto fraud incidents in Australia. Last month, ASIC took legal action against former ACX.io director Liang "Allan" Guo following the exchange's collapse, which left customers with over $20 million in losses.

In another recent case, Brendan Gunn - brother of Olympic breakdancer Rachel Gunn - faced charges related to $181,000 in suspected crypto fraud proceeds.

These cases demonstrate the urgent need for stronger investor protections and closer scrutiny of the crypto industry. As adoption grows, so do opportunities for fraudsters to exploit unsuspecting investors.

Regulators must remain vigilant to combat crypto-related fraud and protect consumers in this evolving digital asset landscape.