💵 Australian financial advisor banned for 10 years for $9.6 million cryptocurrency fraud
ASIC accused Glenda Maree Rogan of providing misleading information about fixed interest investment accounts, promising high returns to gain clients' trust. However, the raised funds were transferred to a cryptocurrency exchange on the scam list, and not invested in safe financial products.
The ban on Ms. Rogan has been recorded in the banned register and her license has been revoked by ASIC.
The case highlights the risks from fake profit commitments in the DeFi and CeFi space, while prompting the Australian agency to tighten oversight of cryptocurrency investments.