Australian Regulator Charges Brendan Gunn Over Crypto Fraud Scheme

Brendan Gunn, brother of Australian breakdancer Rachael "Raygun" Gunn, has been charged by the Australian Securities and Investments Commission (ASIC) for his role in an alleged crypto fraud scheme. ASIC accused Gunn of obtaining A$181,000 ($113,000) from three victims using blank cheques for crypto investments through his company, Mormarkets Pty Ltd, which facilitated overseas transactions.

The charges carry a maximum penalty of three years in prison, a fine of A$37,800 ($24,800), or both. Gunn appeared in court on Tuesday and is scheduled for another hearing on April 29.

His sister, Rachael Gunn, gained social media notoriety after her unusual performance at the 2024 Olympics, which led to viral memes despite her withdrawal from the competition.

ASIC continues to crack down on fraudulent crypto activities, emphasizing the risks associated with unregulated investments.