Olympic Breakdancer's Brother Pleads Guilty to Major Cryptocurrency Scam Role
Brendan Gunn, the brother of viral Olympic breakdancing sensation Rachael Gunn, has confessed to his involvement in a significant online cryptocurrency investment scheme that defrauded investors of more than $180,000. The case emerged publicly when Gunn appeared at Sydney's Downing Centre Local Court, where he formally admitted to dealing with money suspected to be proceeds of criminal activity.
Court Documents Reveal Financial Scheme Details
According to official court documents, Brendan Gunn was connected to a financial services entity called Mormarkets. In March 2020, he received two bank cheques totaling $181,000 from the Commonwealth Bank. These funds originated from three separate investors who believed their money would be converted into cryptocurrency. Instead, the entire amount was directed into Mormarkets bank accounts under Gunn's management.
The agreed facts presented in court indicate that investors were lured into the scheme through online advertisements and investment offers that falsely claimed celebrity endorsements. While others managed the marketing aspects of the fraudulent operation, Gunn's responsibilities placed him at the financial heart of the money movement process. His admission has attracted considerable public attention, amplified by his sister's international fame following her participation in the Paris Olympics.
Bank Account Management at Center of Scheme
The court proceedings revealed that Brendan Gunn, now 42 years old, was primarily responsible for opening and administering bank accounts for Mormarkets. His central function involved receiving investor deposits and transferring funds as required by the operation. Prosecutors clarified that Gunn did not create the deceptive advertisements nor communicate directly with investors. He is also not accused of having specific knowledge about the exact promises made to victims.
However, Gunn encountered significant operational challenges when financial institutions began freezing and terminating accounts due to fraud concerns. Internal communications presented in court showed Gunn warning a colleague: "As soon as the banks figure out we are a cryptocurrency broker, they will shut down the accounts." He further admitted: "I tried to open with over 25 banks but my error was telling them what we actually did for business."
Legal Consequences and Sentencing Timeline
By February 2020, Gunn informed coworkers that more than $1.6 million remained trapped in frozen Commonwealth Bank accounts. During Tuesday's court appearance, he pleaded guilty to handling over $100,000 in suspected crime proceeds. Since the case remains within the Local Court jurisdiction, the maximum potential penalties include:
- One year imprisonment
- A $12,600 fine
- Or both imprisonment and financial penalty
Gunn, who resides in Queensland, is scheduled to return to court on February 10, with sentencing anticipated later this year. The timing of his legal troubles coincides with his sister's remarkable rise to global recognition.
Family Connection to Olympic Fame
Rachael Gunn, known professionally as Raygun, achieved international viral status during the 2024 Paris Olympics while representing Australia in breakdancing. Despite scoring zero points in competition, her distinctive performance style captured worldwide attention. Following her Olympic appearance, she has been photographed with celebrities including Boy George and Richard Branson, and received public praise from singer Adele during a concert performance.
The contrast between Rachael Gunn's athletic achievements and her brother's legal admissions creates a compelling narrative about family, fame, and financial misconduct. As the case progresses toward sentencing, it highlights the growing intersection between celebrity culture and financial crime investigations in the digital age.
