Brendan Gunn, a former executive who led major CFD and forex brokerages in Australia, pleaded guilty today (Tuesday) to dealing with more than AUD 181,000 suspected to be proceeds from investment scams.
Gunn admitted in court that he handled two bank cheques containing funds from victim investors who had deposited money for cryptocurrency conversions and other investment opportunities. The 53-year-old Brisbane resident served as finance director of Mormarkets Pty Ltd when the alleged offenses occurred between March and May 2020.
The guilty plea follows charges filed by ASIC in March 2025 after a lengthy investigation into suspected international scams targeting Australians. Gunn appeared at the Downing Centre Local Court, where he and prosecutors agreed to handle sentencing at the local level rather than in district court.
Banks Shut Down Accounts Repeatedly
Banks closed multiple Mormarkets accounts due to fraud concerns while Gunn was directing the company. Despite receiving repeated notifications about suspicious activity, Gunn continued opening new accounts to receive and transfer deposits.
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When two Mormarkets bank accounts were shuttered in early 2020, Gunn received the bank cheques totaling AUD 181,000 from four separate investment amounts made by three victims. He then sent those cheques to an associate, according to his admission in court.
The company promoted itself as providing cryptocurrency conversions and access to overseas investment opportunities for Australian depositors. ASIC's investigation found the funds were linked to suspected cross-border scams.
CFD Industry Links
Gunn built a career in Australia's CFD and forex industry before his involvement with Mormarkets. He spent six years at GAIN Capital's Forex.com brand, serving as Director of Global Client Services for the Asia-Pacific region from 2006 to 2013.
In 2013, Japanese broker Invast Securities tapped Gunn to establish and lead its Australian subsidiary. As CEO of Invast Financial Services, he secured the company's AFSL license from ASIC and built a sales team of more than 25 professionals.
The firm grew into one of the region's larger retail trading operations during his tenure, which lasted until 2015.
After leaving Invast, Gunn founded advisory services and later took on the role of director at Mormarkets starting in 2019.
In 2018, he was also briefly associated with GMT Markets, which launched retail trading services that year.
Sentencing Looms Next Month
Gunn faces a maximum penalty of one year imprisonment, a fine of AUD 12,600, or both under local court sentencing guidelines. The matter returns to Downing Centre Local Court on February 10 to schedule a sentencing date.
The Commonwealth Director of Public Prosecutions is handling the case following the investigation by ASIC.
