Australias markets regulator has banned a financial adviser from offering financial services for 10 years, alleging she deceptively invested her clients money into a crypto platform listed as a possible scam.The Australian Securities and Investment Commission (ASIC) said on Thursday that it had put Glenda Maree Rogan on a decade-long ban for allegedly transferring 14.8 million Australian dollars ($9.6 million) invested by clients, family and friends to a cryptocurrency-based investment scam.The agency claimed that between March 2022 and June 2023, Rogan took her clients funds and moved them to personal and company bank accounts before converting a majority to crypto and sending the money to the crypto platform Financial Centre.ASIC has listed Financial Centre as an unlicensed entity that should not be trusted and claimed that Rogan would have had suspicions about the legitimacy of the Financial Centre from at least October 2022.Rogans clients deceived, ASIC claimsASIC said that between May 2014 and early February 2024, Rogan was an accountant, financial adviser and director at a group of companies called Fincare located in Sutherland and Wollongong, two regions south of Sydney.ASIC claimed that Rogan told her clients they were investing in a high-yield fixed-interest account and alleged she misled clients about the nature, risks and liquidity of the investment to induce them to invest.ASIC probe is ongoingASIC said its 10-year ban took effect on June 6, and an investigation into Rogan is still ongoing.In its reason for the ban, the agency said it had reason to believe that Ms Rogan is not a fit and proper person, is not competent to participate in the Australian financial services industry and is likely to contravene a financial services law.According to ASIC, Rogan hasnt been licensed or authorized to provide financial services under an Australian Financial Services License since Feb.
8, 2024.Rogans ban has been recorded in ASICs banned and disqualified register.
Source: ASICUnder the ban, Rogan now cant perform any services connected to or control a business that engages in financial services.
She has the right to appeal to the Administrative Review Tribunal for a review of ASICs decision.Rogan and ASIC did not immediately respond to a request for comment.Australia cracks down on cryptoAustralias national financial intelligence agency has also been cracking down on crypto, rolling out new operating rules and transaction limits for crypto ATM operators to help combat scams on June 3.Related: Australian court ruling could lead to $640M in Bitcoin tax refundsIn April, the Australian Transaction Reports and Analysis Centre told inactive registered crypto exchanges to withdraw their registrations or risk having them canceled over fears that the dormant firms could be used for scams.AUSTRAC also took action against 13 remittance service providers and crypto exchanges in February, with over 50 others still being investigated regarding possible compliance issues.Magazine: Coinbase hack shows the law probably wont protect you: Heres why