Olympian Rachael “Raygun” Gunn’s brother is facing charges for allegedly being involved in handling over $100,000 in illicit funds linked to criminal activities.
Brendan Gunn faces fraud charges over cryptocurrency scheme
Gunn, the brother of Olympic breakdancer Rachael “Raygun” Gunn, has been charged with handling more than $100,000 in alleged criminal proceeds.
The Australian Securities and Investments Commission (ASIC) investigated Gunn and his company,
Mormarkets Pty Ltd. The company reportedly accepted deposits for cryptocurrency conversions and other investments.
ASIC alleges misuse of investor funds
According to ASIC, Gunn handled two bank checks linked to four investment amounts totaling $181,000.
Additionally, these funds came from three investors seeking cryptocurrency conversions.
Authorities claim that Gunn repeatedly opened new bank accounts for Mormarkets despite previous closures due to scam concerns.
Banks allegedly warned him about these risks, yet he continued his operations.
Court appearance and potential penalties
Gunn appeared in Downing Centre Local Court on Tuesday. If convicted, he could face up to three years in prison, a $37,800 fine, or both.
ASIC chairman Joe Longo emphasized the commission’s focus on scam prevention.
He stated that ASIC remains committed to investigating and prosecuting individuals involved in cross-border scams targeting Australian investors.
Raygun not involved in the case
Authorities have not accused Rachael Gunn of any wrongdoing. Brendan Gunn is set to return to court on April 29.
Rachael Gunn gained international recognition after competing in breakdancing’s Olympic debut at the Paris Games.
Her performance faced significant criticism, but her brother publicly defended her.
Brendan Gunn’s public support for his sister
In August last year, Brendan expressed pride in his sister’s Olympic journey.
Previously, he posted on X, formerly Twitter: “Could not be prouder of my amazing sister #Raygun aka Rachael Gunn. She did an incredible job competing in a brand-new Olympic sport.”
He later retweeted a video of Australian athletes dancing with Raygun before the Closing Ceremony.
“Doesn’t surprise me at all. We love you @rachlgunn. This is just another example of your unique and beautiful spirit,” he wrote.
Despite his legal troubles, Brendan Gunn continues to show unwavering support for his sister.