The Australian financial markets regulator has charged Brendan Gunn, the former CEO of then-Invast Financial Services (a unit of 26 Degrees), for dealing with money suspected to be crime proceeds. Gunn is also the brother of Olympian breaker Rachael Gunn, known as Raygun.
Handling Proceeds from Crime
According to an announcement by the Australian Securities and Investments Commission (ASIC), Gunn dealt with the alleged crime proceeds of AUD 100,000 or more between 19 March 2020 and 15 May 2020 while operating a fiat-to-crypto conversion company.
He was then the director of Mormarkets, which accepted deposits from Australians for conversion to cryptocurrency and other purported overseas investment opportunities. The regulator highlighted that Gunn sought to open a series of bank accounts on an ongoing basis on behalf of the company.
The regulatory flagging came as Gunn handled two bank cheques containing $181,000 from four investments made by three victims who deposited funds for cryptocurrency conversion.
Gunn has already appeared before a local court yesterday (Tuesday) and, if convicted, could face a maximum of three years in prison, a fine of AUD 37,800, or both.
“ASIC continues to prioritise scam prevention and detection activity to protect consumers,” said ASIC Chair Joe Longo. “We will continue to partner with international law enforcement organisations and investigate and take action where we see misconduct.”
Links to CFDs Industry
Previously, Gunn also worked with multiple companies in the forex and contracts for differences (CFDs) industry. He spent almost three years at a unit of 26 Degrees. Between September 2006 and February 2013, he was also the Director of Global Client Services at Asia-Pacific.
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According to his LinkedIn profile, he has been a director at Mormarkets for more than six years. He was also a company director at the now-bankrupt Celsius.
The Australian financial markets regulator has charged Brendan Gunn, the former CEO of then-Invast Financial Services (a unit of 26 Degrees), for dealing with money suspected to be crime proceeds. Gunn is also the brother of Olympian breaker Rachael Gunn, known as Raygun.
Handling Proceeds from Crime
According to an announcement by the Australian Securities and Investments Commission (ASIC), Gunn dealt with the alleged crime proceeds of AUD 100,000 or more between 19 March 2020 and 15 May 2020 while operating a fiat-to-crypto conversion company.
He was then the director of Mormarkets, which accepted deposits from Australians for conversion to cryptocurrency and other purported overseas investment opportunities. The regulator highlighted that Gunn sought to open a series of bank accounts on an ongoing basis on behalf of the company.
The regulatory flagging came as Gunn handled two bank cheques containing $181,000 from four investments made by three victims who deposited funds for cryptocurrency conversion.
Gunn has already appeared before a local court yesterday (Tuesday) and, if convicted, could face a maximum of three years in prison, a fine of AUD 37,800, or both.
“ASIC continues to prioritise scam prevention and detection activity to protect consumers,” said ASIC Chair Joe Longo. “We will continue to partner with international law enforcement organisations and investigate and take action where we see misconduct.”
Links to CFDs Industry
Previously, Gunn also worked with multiple companies in the forex and contracts for differences (CFDs) industry. He spent almost three years at a unit of 26 Degrees. Between September 2006 and February 2013, he was also the Director of Global Client Services at Asia-Pacific.
You may also like Finance Magnates exclusive on “26 Degrees Is Surrendering Its CySEC Licence“
According to his LinkedIn profile, he has been a director at Mormarkets for more than six years. He was also a company director at the now-bankrupt Celsius.
This post is originally published on FINANCEMAGNATES.
