Brendan Gunn, brother of Australian Olympic breakdancer Rachael Gunn—known professionally as Raygun—has been charged by the Australian Securities and Investments Commission (ASIC) for allegedly dealing with proceeds suspected to be from criminal activities.
Gunn, a resident of Camp Hill in Queensland and director of Mormarkets Pty Ltd, appeared at the Sydney Downing Centre Local Court on March 4. ASIC alleges that between March 19, 2020, and May 15, 2020, Gunn managed two bank cheques totaling AUD 181,000, derived from four investments made by three individuals. These funds were purportedly intended for conversion into cryptocurrency.
Mormarkets Pty Ltd, under Gunn’s direction since 2019, accepted deposits from Australians for cryptocurrency conversions and other overseas investment opportunities. Despite multiple bank account closures due to scam-related concerns—of which Gunn was reportedly informed—he continued to open new accounts to receive and transfer deposits.
The case was referred to the Commonwealth Director of Public Prosecutions following an ASIC investigation. If convicted, Gunn faces a maximum penalty of three years imprisonment, a fine of AUD 37,800, or both. He is scheduled to reappear in court on April 29.
ASIC Chair Joe Longo emphasized the regulator’s commitment to combating scams targeting Australian investors, stating, “ASIC continues to prioritize scam prevention and detection activity to protect consumers.”
Rachael Gunn, or Raygun, gained attention for her breakdancing performance during the sport’s debut at the 2024 Paris Olympics. Her brother, Brendan, publicly supported her following the event, expressing pride in her achievements.
As the legal proceedings continue, authorities remain vigilant in addressing activities related to cryptocurrency investments and potential fraudulent schemes.
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