An Australian financial adviser has received a ten-year ban for allegedly embezzling $9.6 million from clients to invest in a cryptocurrency scam. Glenda Maree Rogan, while working for Private Wealth Pty Ltd and the Fincare group, transferred client funds to a crypto-based scam between March 2022 and June 2023. The Australian Securities and Investments Commission stated that Rogan misled clients about the investment's nature, risks, and liquidity. The ban, effective from June 6, prohibits Rogan from any financial services role. ASIC believes Rogan is unfit for the industry and likely to breach financial laws. Rogan falsely assured clients their money was in a safe account, not cryptocurrency, and claimed to represent Fincare. Funds were transferred to Rogan's accounts and converted to crypto, then sent to a blacklisted U.K.-based platform. Australian regulators are actively combating crypto fraud, with ASIC shutting down 615 scams by August 2024. Rogan's ban is listed on ASIC's register, pending an appeal. Read more AI-generated news on: https://app.chaingpt.org/news