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Bro of Breakdancer ‘Raygun’ Charged Over $180K Crypto Fraud
- Brendan Gunn, the brother of Olympic breakdancer Rachel ‘Raygun’ Gunn, is facing one charge of dealing with proceeds of crime valued at $181,000 for his involvement in a 2020 crypto investing scheme.
- ASIC alleges Gunn, working through a company he directed known as Mormarkets Pty Ltd, told investors the company would convert their money into cryptocurrencies and other ‘investing opportunities’.
- ASIC further claims that Gunn continuously opened new bank accounts to facilitate these transactions despite many of the accounts being closed by banks due to scam concerns.
The brother of Olympic breakdancer and national embarrassment, Rachel ‘Raygun’ Gunn, has been in court recently for some ‘sick moves’ of his own — and by ‘sick moves’, of course, I mean ‘crypto scams’.
The Australia Securities and Investments Commission (ASIC) revealed Raygun’s bro, Brendan Gunn, has been charged with dealing with proceeds of crime valued at over $100,000. This charge stems from Gunn’s involvement with a dodgy investing company that claimed to facilitate investments in crypto and other overseas ‘opportunities’. Gunn’s charge carries a maximum penalty of 3 years imprisonment, a $37,800 fine, or both.
This matter reflects ASIC’s commitment to pursue those in Australia who it is alleged are involved in facilitating cross border scams targeting Australian investors.
Joe Longo, ASIC Chair The charge against Gunn comes amid a crackdown by Australian financial regulators, including ASIC and AUSTRAC, against dodgy crypto businesses and scams targeting crypto investors.
Related: Digital Assets Akin to Ciggies Bartered In Prison: ASIC Exec Puts Foot In Mouth
Raygun Ran Crypto Scam During Covid Lockdowns
According to a statement from ASIC published yesterday, Brendan Gunn was scamming investors during peak COVID lockdowns, between March 19, 2020 and May 15, 2020, while most of us were busy baking homemade bread and disinfecting our groceries.
ASIC alleges Gunn handled $181,000 alleged to be the proceeds of crime, explaining:
It is alleged that Mr Gunn dealt with two bank cheques, which contained the proceeds of four investment amounts totalling $181,000 made by three victim investors who deposited funds for conversion to cryptocurrency.
ASIC Statement
This investing scheme / scam was run by a company Gunn directed known as Mormarkets Pty Ltd. ASIC alleges that Mormarkets accepted deposits from would-be investors claiming it would exchange the money for crypto or other “purported overseas investment opportunities”.
As part of his role at Mormarkets, Gunn allegedly opened a series of bank accounts to facilitate these transactions, continuing to create new accounts even after many had been closed by the banks due to scam concerns. Gunn was notified of these concerns but nonetheless continued to open more accounts.
ASIC And Other Regulators Focussed on Crypto Scams
Commenting on this case, ASIC Chair Joe Longo said it highlights the regulator’s ongoing commitment to protecting Australian investors from scams, particularly those involving offshore investments:
ASIC continues to prioritise scam prevention and detection activity to protect consumers. We will continue to partner with international law enforcement organisations and investigate and take action where we see misconduct.
Joe Longo, ASIC Chair Australian financial regulators have had something of a focus on digital assets for a while now, with ASIC announcing a move to tighten licensing requirements for all crypto startups last September and releasing a draft of its updated crypto assets information sheet in December.
Related: Money Laundering Crackdown: AUSTRAC Puts 50 Firms, Including Crypto Exchanges, On Notice
AUSTRAC, Australia’s financial crimes watchdog, has also said it plans to focus on crypto throughout 2025 after announcing last year that it had established an internal taskforce to specifically combat crypto-related crime.
Author
Jody McDonald
Jody is a Brisbane-based freelance writer who specialises in writing about business, technology, and the future of work.
