Ex-Forex.com Director Sentenced Over $181K Scam Funds

A former director at GAIN Capital's Forex.com and ex-CEO of Invast Financial Services has received the maximum sentence for dealing with money reasonably suspected of being crime proceeds, after an ASIC investigation found he moved more than AU$180,000 linked to an offshore cryptocurrency scam targeting Australians.

Brendan Gunn was sentenced in the Local Court of New South Wales to 12 months' imprisonment, the maximum for a summary prosecution of this offence. He was released immediately upon entering a $3,000 recognizance requiring good behaviour for 12 months. He pleaded guilty in January 2026 to contravening section 400.9(1) of the Criminal Code (Cth).

Contents

01

The Sentence

02

How the Scheme Operated

03

Warnings Ignored

04

A Career in Finance Unravels

05

What Retail Investors Should Know

The Sentence

Gunn dealt with two bank cheques totalling AU$181,000 when it was reasonable to suspect the funds were proceeds of crime. The money was suspected of coming from an offshore cryptocurrency investment scam that targeted Australians. The matter was prosecuted by the Office of the Director of Public Prosecutions (Cth) after an ASIC referral. The guilty plea matter, listed as 26-009MR in the Downing Centre Local Court, had been adjourned on 10 February 2026 to 22 July 2026 for sentencing.

How the Scheme Operated

From December 2018, Gunn was a director of Mormarkets Pty Ltd, trading as Coinshype. The firm received deposits from Australians for cryptocurrency and other purported investments. Between January 2019 and May 2020, 22 bank accounts were opened in Mormarkets' name across six financial institutions.

When two accounts were shut, Gunn received two bank cheques covering investment amounts totalling AU$181,000. He sent the cheques to an associate instead of returning the funds or alerting authorities.

Warnings Ignored

Banks repeatedly informed Gunn of complaints that funds credited to Mormarkets accounts were linked to fraud or suspicious activity. All accounts were eventually closed by the banks.

ASIC Chair Sarah Court said Gunn ignored clear warnings, including customer complaints made to Mormarkets' banks. “By continuing to deal with those funds, he helped move money taken from Australians,” Court said.

A Career in Finance Unravels

Gunn spent six years at GAIN Capital's Forex.com brand as Director of Global Client Services for Asia-Pacific from 2006 to 2013. In 2013, Japanese broker Invast Securities recruited him to establish its Australian subsidiary, where he secured the AFSL licence from ASIC and served as CEO of Invast Financial Services until 2015. Invast Financial Services later became 26 Degrees. Gunn was briefly associated with GMT Markets in 2018 before joining Mormarkets.

What Retail Investors Should Know

This case shows how even experienced professionals can become entangled in facilitating suspected scams. Investors can verify a firm's licence on ASIC's official register. Requests for advance fees to release funds are a common warning sign, and consumers should independently verify any investment platform before depositing money.