Brendan Gunn of Camp Hill Queensland, appeared in the Sydney Downing Centre Local Court yesterday charged with one offence against s.400.9.(1) to the Criminal Code alleging that between about 19 March 2020 and 15 May 2020 he dealt with money or other property, it being reasonable to suspect that the money or property was proceeds of crime of $100,000 or more.

The maximum penalty at the time of the alleged offences was three years imprisonment or a fine of $37,800 or both.

It is alleged that Mr Gunn dealt with two bank cheques, which contained the proceeds of four investment amounts totalling $181,000 made by three victim investors who deposited funds for conversion to cryptocurrency.

Mr Gunn was a director of Mormarkets Pty Ltd, a company which accepted deposits from Australians for conversion to cryptocurrency and other purported overseas investment opportunities.

On behalf of Mormarkets Pty Ltd, Mr Gunn sought to open a series of bank accounts on an ongoing basis to receive and transfer deposits, despite bank accounts being repeatedly closed due to concerns about scams and Mr Gunn being informed of these concerns.

ASIC Chair Joe Longo said, ‘ASIC continues to prioritise scam prevention and detection activity to protect consumers. We will continue to partner with international law enforcement organisations and investigate and take action where we see misconduct.

‘This matter reflects ASIC’s commitment to pursue those in Australia who it is alleged are involved in facilitating cross border scams targeting Australian investors.’

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following an investigation and referral by ASIC.

The matter is next listed on 29 April 2025.

Background

ASIC’s Moneysmart website also provides detailed information on investment scams and how they work, including impostor bond scams, superannuation scams, and cryptocurrency scams. ASIC also publishes investment scam warnings.