Australia’s financial guardian will be charged with Brendan Gunn, Olympian breaker’s brother Rachael Gunn, for allegedly dealing with money suspected of being a crime while running a Fiat-to-Crypto conversion company.
On a March 5 statementThe Australian security and investment commission said Gunn was charged with a number of money dealing that could reasonably be suspected of being a crime income.
“It is said that Mr. Gunn had dealt with two bank checks, which contain the proceeds of four investment worth of $ 181,000 made by three investors victims who deposited funds for the return to cryptocurrency,” Asic said in his statement.
Rachael Gunn, better known by his stage “Raygun,” went viral for his breakdance performances during the 2024 Olympics – one of them saw his hop like a Kangaroo.
He bombed out of the competition, lost all three battles in the games. However, his brother still praised the performance.
Source: Brendan Gunn
In his statement, Asic said Brendan Gunn was a director in the Mormarkets, a company that received deposits for returning to crypto.
“On behalf of the Mormarkets, Mr. Gunn sought to open a series of bank accounts on the ongoing basis to receive and transfer deposits, despite bank accounts repeatedly closed because of concerns about scams and Mr. Gunn knew these concerns,” Asic claimed.
Gunn is facing a local court on March 4 and is expected to return on April 29. If he was convicted, he faced three years behind the bars, a $ 37,800 fine, or both.
ASIC chair Joe Longo said the regulator will “continue to prioritize scam and discovery activity” and take action as needed.
Information for Gunn’s lawyers is not immediately available.
It came as regulators in the country have set up plans to move the focus toward the crypto industry.
Related: Australian police found ‘Aladdin’s Cave’ of stolen Bitcoin ATMs, Pokemon Cards
Australia’s anti-money laundering regulator, the Australian transaction reports and analysis center, Recently acting against 13 remittance service providers and crypto exchanges in February, with more than 50 others are investigated about possible compliance issues.
Austrac CEO said Brendan Thomas in December last year the Anti-Money Laundering Regulator is moving its focus on its The cryptocurrency industry In 2025 in the middle of a Crackdown to Crypto ATM providers that can flout anti-money laundering laws.
Asic din Released a paper consultation with the suggested guide for crypto In December, the placement of many digital assets under the category of financial products and require companies that interact with the crypto licensed.
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