Australian regulator bans financial adviser over $9.5 million crypto scam
Date: 2025-06-16 Author: Henry Casey Categories: IN WORLD
The Australian Securities and Investments Commission (ASIC) found that between March 2022 and June 2023, financial adviser Rogan, who represented Fincare and Private Wealth Pty Ltd, embezzled at least AUD14.8 million (approximately $9.5 million). The funds belonged to clients, as well as relatives and acquaintances of Rogan. The money was secretly funneled into cryptocurrency, despite promises of safe fixed-income investments.
According to the regulator, the woman misled investors by providing them with false information about the nature of the investments. Rogan assured clients that their capital was placed in stable accounts with a fixed interest rate, while in fact, most of the funds were invested in high-risk crypto assets. Rogan transferred these assets to the Financial Centre platform, which, according to available information, operates from the UK and was previously included in the ASIC list of unlicensed companies.
The regulator expressed doubts about Rogan's professional suitability, noting that since February 2024, she has not had a license to provide financial services. From June 6, 2025, Rogan is deprived of the right to engage in activities in the financial sector and hold management positions for ten years. At the same time, she retains the opportunity to appeal the ASIC decision in the prescribed manner. The investigation into this case is ongoing.
In addition, in May this year, ASIC held former head of Blockchain Global Liang "Allan" Guo accountable, accusing him of improper performance of duties. These actions, according to the regulator, could have contributed to the bankruptcy of the ACX Exchange. Australian authorities have repeatedly stressed that a significant portion of investors do not understand the potential risks associated with investing in crypto assets.
