Crypto Fraud Charges Hit Breakdancer Rachael "Raygun" Gunn's Brother

Brendan was involved in Mormarkets, a company that facilitated the exchange of fiat currency for cryptocurrency.

According to the Australian Securities and Investments Commission (ASIC), Brendan processed two bank cheques worth a total of 181,000 Australian dollars. The funds came from three investors who intended to convert their money into cryptocurrency.

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The ASIC claims that despite multiple warnings, Brendan continued to open new bank accounts for Mormarkets, even as previous accounts were closed due to concerns over potential fraud. It explains that Brendan’s role at Mormarkets involved managing deposits and transfers.

The regulator said in a statement:

On behalf of Mormarkets, Mr. Gunn sought to open a series of bank accounts on an ongoing basis to receive and transfer deposits, despite bank accounts being repeatedly closed due to concerns about scams and Mr. Gunn being informed of these concerns.

Brendan appeared in court on March 4 and is scheduled to return on April 29. If found guilty, he could face up to three years in prison, a fine of $37,800, or both.

The ASIC Chair, Joe Longo, emphasized that the agency remains focused on preventing scams and will take action when necessary.

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