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ASIC Issues 10-Year Ban on Australian Financial Advisor

Solomon M. by Solomon M.
June 13, 2025
in Latest News
Key Takeaways:
  • ASIC enforces a 10-year ban on a financial advisor.
  • Affected funds total $14.8M AUD.
  • Action represents key regulatory intervention in Australia.
asic-issues-10-year-ban-on-australian-financial-advisor
ASIC Issues 10-Year Ban on Australian Financial Advisor

The enforcement of a 10-year ban on Glenda Maree Rogan demonstrates ASIC’s commitment to regulating the financial advisory sector, providing investor protection and reinforcing market integrity in the face of crypto scams.

ASIC banned Glenda Maree Rogan due to her facilitation of illicit fund transfers through the unlicensed “Financial Centre” platform. This bold move affected $14.8 million AUD of client investments, channeling them into crypto scams under the guise of fixed-interest returns. Rogan, previously with Fincare, a financial group in Sutherland and Wollongong, was responsible for directing substantial client and community funds into these fraudulent schemes. The regulator found Glenda Maree Rogan liable for flagrant mismanagement and inappropriate financial practices during her tenure at the company.

The scam resulted in significant financial shifts totaling $14.8 million AUD ($9.6 million USD) from potential legitimate investments to a crypto investment scam. Unlicensed platforms like “Financial Centre” were identified as hazardous by ASIC, impacting client trust. The implications of ASIC’s decisive action emphasize the necessity for rigorous regulatory oversight in preventing similar fraudulent activities in the industry. Investor confidence may waver, requiring reassessment of risk management practices amid growing concerns over unlicensed and unregulated crypto investments.

The ban serves as a reminder of the inherent risks of unregulated crypto schemes. Rogan’s actions underscore the financial vulnerability of investors lacking transparency, thrusting issues of trust into the spotlight. Historically, such bans prompt enhanced scrutiny of financial advisory practices and stricter regulations to prevent future breaches. The landscape sees a potential shift towards reinforced compliance measures in response to these breaches, aiming to fortify investor safeguards.

ASIC stated, “ASIC has cancelled the Australian financial services licence of Financial Services Group Australia and permanently banned its responsible manager.”

Disclaimer:

The content on The CCPress is provided for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry inherent risks. Please consult a qualified financial advisor before making any investment decisions.

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