Australia’s financial regulator has taken decisive action against a fraudulent digital asset scheme involving over 15 million AUD, marking a significant move in the global crackdown on crypto-related fraud.
The Australian Securities and Investments Commission (ASIC) announced that it has issued a major penalty against the individuals and entities behind the scam, which lured investors with promises of high returns from cryptocurrency investments.
ASIC Bans Former Adviser Glenda Rogan for 10 Years Over Crypto Fraud
The Australian Securities and Investments Commission (ASIC) has banned former financial adviser Glenda Maree Rogan from providing financial services for ten years, following her involvement in a major crypto-related fraud.
Between March 2022 and June 2023, Rogan misled clients into investing nearly AUD 15 million (approximately $9.6 million), falsely claiming the funds would be placed in a “high-yield fixed-interest account.”
Instead, she transferred the money into her personal and company-controlled accounts, converted it into cryptocurrency, and redirected it to digital wallets linked to a UK-based trading platform already blacklisted by ASIC.
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ASIC Says Rogan Breached Trust and Duties in Crypto Fraud Case
The regulator found that Rogan’s actions demonstrated a serious breach of trust, professionalism, and her legal duties as a financial adviser.
ASIC’s enforcement reflects its ongoing commitment to protecting investors and maintaining integrity in Australia’s financial services sector, especially amid the growing number of scams exploiting the popularity of cryptocurrency investments.
The scheme reportedly involved the promotion and sale of fake digital assets and investment opportunities, targeting both retail and institutional investors.
ASIC found that the perpetrators used misleading marketing tactics and falsified credentials to gain investor trust, ultimately siphoning off millions in customer funds.
The regulator has not only imposed financial penalties but is also pursuing legal action to ensure restitution and prevent further violations.
Australia Ramps Up Crypto Oversight Amid Investor Protection Concerns
The enforcement action reflects Australia’s increasingly firm stance on crypto oversight, particularly amid rising concerns over investor protection and financial market integrity.
Authorities worldwide are stepping up efforts to clamp down on digital asset fraud, and Australia is aligning itself with this trend by tightening its regulatory framework.
The case serves as a warning to both fraudsters and investors, highlighting the importance of due diligence and regulatory compliance in the evolving crypto landscape.
The action against Glenda Maree Rogan is part of ASIC’s wider crackdown on crypto-related misconduct in Australia.
In May, the regulator also filed civil proceedings against a former crypto executive linked to the collapse of the now-defunct ACX Exchange. That case involved investor losses exceeding 58 million AUD, highlighting the scale of harm caused by mismanaged or fraudulent crypto platforms.
ASIC’s recent moves reflect its increasing efforts to hold individuals accountable and strengthen oversight of the digital asset space, especially as more Australians engage with crypto investments amid limited consumer protections and rising scam activity.
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