Brendan Gunn, brother of Olympic breakdancer Rachael “Raygun” Gunn, has been charged with dealing in the proceeds of crime linked to an alleged global scam that defrauded investors of more than $150,000.
The Australian Securities and Investments Commission (ASIC) alleges that Gunn, as director of financial services firm Mormarkets, received two bank cheques totaling $181,000 between March and May 2020. These funds, deposited by three victim investors, were meant for conversion into cryptocurrency.
Bank Account Closures and Scam Warnings
ASIC claims Gunn repeatedly attempted to open bank accounts on behalf of Mormarkets to receive and transfer deposits, despite multiple closures due to concerns over fraudulent activity. He was allegedly warned about the scam risks but continued to facilitate transactions.
Gunn appeared at Sydney Downing Centre Local Court on Tuesday, facing a charge of dealing with proceeds of crime of $100,000 or more, which carries a maximum penalty of three years in prison and a $37,800 fine.
ASIC’s Crackdown on Financial Crimes
ASIC chair Joe Longo stated that the case underscores the regulator’s commitment to prosecuting individuals who enable cross-border scams targeting Australian investors.
Gunn, a self-described entrepreneur with a passion for financial markets, has been active on social media platform X, where he publicly supported his sister’s Olympic debut in breakdancing at Paris 2024.
His next court appearance is scheduled for April 29, 2025. AAP has contacted him for comment.
