Cheques and Balances: Former Forex.com and Invast Director Sentenced Over Suspected Scam Proceeds

Brendan Gunn has been sentenced in the Local Court of NSW for dealing with more than AU$180,000 when it was reasonable to suspect the funds were proceeds of crime.

He received 12 months' imprisonment, to be released immediately upon entering a $3,000 recognizance requiring good behaviour for 12 months. The maximum penalty for a summary prosecution of this offence is 12 months.

Banks Flagged Suspicious Activity Repeatedly

From December 2018, Gunn served as a director of Mormarkets, which traded as Coinshype and received deposits from Australians for cryptocurrency and other purported investments. Between January 2019 and May 2020, 22 separate bank accounts were opened in Mormarkets' name across six financial institutions.

On several occasions, banks told Gunn they had received complaints that funds credited to Mormarkets accounts were linked to fraud or suspicious activity.

All accounts tied to the company were eventually closed by the banks.

When two of those accounts were shut, Gunn received two bank cheques covering investment amounts totalling AU$181,000. He then sent the cheques to an associate.

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