Raygun's Brother Charged: Brendan Gunn Faces ASIC Allegations Over Proceeds of Crime

Brendan Gunn, the brother of Rachael "Raygun" Gunn, the Australian academic and breakdancer who competed at the Paris 2024 Olympics, has been formally charged by the Australian Securities and Investments Commission (ASIC) with dealing with money suspected of being the proceeds of crime.

According to ASIC's official media release, Brendan Gunn faces one charge related to an alleged offense that occurred between approximately March 19, 2020, and May 15, 2020. The charge specifies that Gunn dealt with money or property, where there were reasonable grounds to suspect that the money or property was proceeds of crime, with the amount involved being $100,000 or more.

The ASIC investigation centers on Gunn's role as a director of Mormarkets Pty Ltd. It is alleged that the company accepted deposits from Australian investors, purportedly for conversion into cryptocurrency and other overseas investment opportunities. ASIC further alleges that Gunn sought to open a series of bank accounts to facilitate these transactions, even after previous accounts were repeatedly closed due to concerns about scams, and despite Gunn being informed of these concerns.

The specific allegations involve Gunn dealing with two bank cheques with a total value of $181,000. ASIC states these cheques contained funds from three victim investors who had deposited money for cryptocurrency conversion.

At the time of the alleged offenses, the maximum penalty for this crime was three years imprisonment, a fine of $37,800, or both.

Brendan Gunn appeared in the Sydney Downing Centre Local Court. The matter is being prosecuted by the Commonwealth Director of Public Prosecutions, following ASIC's investigation and referral. The case is scheduled to return to court on April 29, 2025.