Crypto Queen or Con Artist? The $9.6 Million Mystery Unveiled! 💸🔍
In a plot twist that could make even the most seasoned soap opera writer raise an eyebrow, Australia’s financial regulator has decided to play the role of the heavy in a drama involving a former financial adviser named Glenda Maree Rogan. Yes, you heard that right—Glenda, the crypto connoisseur, has been handed a ten-year ban for her role in a scheme that sounds like it was ripped straight from the pages of a bad thriller.
Picture this: between March 2022 and June 2023, Glenda was busy convincing her clients to invest nearly AUD 15 million (that’s about $9.6 million for those of us who prefer our numbers in American dollars) in what she charmingly dubbed a “high-yield fixed-interest account.” Spoiler alert: it was about as high-yield as a savings account at a local credit union. Instead of investing their hard-earned cash, she was busy transferring it to her personal and company-controlled bank accounts, converting it to cryptocurrency, and sending it off to wallets linked to a UK-based trading platform that was already on ASIC’s naughty list. Talk about a plot twist!
ASIC, the Australian Securities and Investments Commission, didn’t take too kindly to Glenda’s little charade. They stated that she “made false statements to clients” and intentionally misled them about the investment’s nature, risk, and liquidity. I mean, who knew that “high-yield” could mean “highway robbery”? And let’s not forget her claims of operating under her official capacity—because nothing says “trust me” like a financial adviser who’s also a part-time magician, making money disappear!
As a result of this financial fiasco, Glenda has been banned from engaging in any financial services business or controlling an entity that provides such services for the next ten years. That’s right, folks—ten years of no financial advising, which is probably a blessing for anyone who might have considered her services.
This enforcement action is just one part of ASIC’s broader crackdown on suspicious activity in the local sector. Earlier this year, they filed civil proceedings against a former crypto executive over the collapse of the now-defunct ACX Exchange, which left investors with a collective loss of over 58 million AUD. It’s like a game of musical chairs, but instead of chairs, it’s people’s life savings!
And if you think that’s the end of it, think again! Other regulators in the region are also stepping up their game. The Australian Transaction Reports and Analysis Centre (AUSTRAC) has recently tightened the rules for crypto ATM service providers, all in an effort to protect local investors from scams and improve anti-money laundering controls. Because, let’s face it, if there’s one thing we can all agree on, it’s that we’d rather not have our money vanish into thin air like Glenda’s promises!
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2025-06-12 12:52