Former adviser cops 10-year ban for crypto | Australian Markets

A former financial adviser who headed a cryptocurrency-based investment rip-off has been handed down a 10-year ban by the Australian Securities and Investments Commission (ASIC), which cited “misleading and deceptive conduct” as the explanation behind the ban.

Glenda Maree Rogan was a financial adviser and accountant at varied firms underneath the ‘Fincare’ banner in addition to an authorised consultant of Australian financial companies (AFS) licensee Private Wealth Pty Ltd between March 2022 and June 2023, the period when she swiped roughly $14.8 million in funds from purchasers, household and pals underneath false pretences.

An ASIC investigation decided Rogan had misled purchasers and made falsified statements concerning the “nature, risks and liquidity” of the proposed investment to influence them to invest, together with that the funds have been being invested in a high-yield fixed curiosity account and that she was engaged with the purchasers “in her capacity as a representative of Fincare”.

In actuality, the funds have been first transferred to bank accounts held by Rogan and her personal company earlier than largely being transformed into cryptocurrency after which deposited into a number of digital wallets “nominated” by UK-based trading platform and member of ASIC’s Investor Alert List, the Financial Centre.

The company regulator mentioned within the assertion about Rogan that the Financial Centre is listed as an “unlicensed entity that should not be trusted” and Rogan is suspected to have had doubts concerning the platform’s veracity since October 2022, during the period through which her rip-off was ongoing.

Rogan’s banning commenced from 6 June and it has been recorded on ASIC’s banned and disqualified register. The company watchdog additionally confirmed that its investigation of Rogan’s conduct continues to be ongoing.

“ASIC found that Ms Rogan did not comply with a financial services law by engaging in misleading or deceptive conduct,” the assertion mentioned.

“ASIC additionally discovered it had motive to consider that Ms Rogan isn’t a match and correct particular person, isn’t competent to take part within the Australian financial companies industry and is prone to contravene a financial companies law.

“Ms Rogan has additionally been banned for ten years from:

• performing any perform concerned within the carrying on of a financial companies business, and
• controlling an entity that carries on a financial companies business.”