Raygun's brother charged with financial crime

The brother of Australian Olympian Rachael Gunn, also known as Raygun, has been changed with a financial crime. 

Brendan Gunn faced Sydney Downing Centre on Wednesday after being charged for allegedly dealing with money that was the proceeds of crime.

The Australian Securities and Investments Commission (ASIC) alleged he dealt with more than $100,000 in money or property that was reasonable to suspect were the proceeds of crime between March 2020 and May 2020, while director of Mormarkets: a role he has held since 2019.

Brendan allegedly dealt with two bank cheques, which contained four investments totalling $181,000, by three investors who deposited the funds to convert to cryptocurrency.

He went on to open several bank accounts to receive and transfer deposits on an ongoing basis, which were later closed due to concerns about scams.

Brendan is facing a maximum penalty of three years' imprisonment, a $37,800 fine or both.

ASIC chair Joe Longo said this case reflected his commitment to pursue those who are allegedly involved in facilitating cross-border scams targeting Australian investors.

"ASIC continues to prioritise scam prevention and detection activity to protect consumers," he said in a statement.

"We will continue to partner with international law enforcement organisations and investigate and take action where we see misconduct."

Image credits: LinkedIn/Paul Kitagaki, Jr/ZUMA Press Wire/Shutterstock