Australia's Financial Watchdog Slams the Gavel on $9.6M Crypto Scam!

Glenda Maree Rogan Banned for a Decade After Duping Clients into Bogus Crypto Investment

Holy smokes, the Aussies aren't playing around! Australia's financial regulator just dropped a bombshell on a massive 15 million AUD crypto scam. Talk about a global crackdown!

The Australian Securities and Investments Commission (ASIC) ain't messing around. They've banned former financial adviser Glenda Maree Rogan from the financial game for a whole decade. Why? She straight-up tricked her clients into pouring nearly 15 million AUD ($9.6 million) into a total crypto scam!

Get this: between March 2022 and June 2023, Rogan sweet-talked her clients into investing in what she called a "high-yield fixed-interest account." But hold onto your hats, folks—the cash didn't go into any fancy account. Nope, it went straight into her personal and company-controlled bank accounts. From there, it was converted into crypto and funneled into wallets connected to a shady UK-based trading platform that ASIC had already put on their blacklist!

ASIC's got the receipts. They say Rogan straight-up lied to her clients, spinning tales about the investment's nature, risk, and liquidity. She even claimed to be acting in her official capacity with her employer during the scam. Total BS!

And guess what? As a result, Rogan's been kicked out of the financial services biz for the next ten years. She can't even control an entity that provides those services. Bam!

This isn't just a one-off. ASIC's on a mission, cracking down on all sorts of sketchy stuff in the local sector. Just in May, they went after a former crypto exec over the ACX Exchange collapse, which left investors nursing losses of over 58 million AUD. Ouch!

But wait, there's more! Other regulators in the region are also stepping up their game. The Australian Transaction Reports and Analysis Centre (AUSTRAC) recently tightened the screws on crypto ATM service providers. They're all about protecting local investors from scams and beefing up anti-money laundering controls. It's getting real out there!