A former UCLA athlete who competed with the Philippine national team pleaded guilty Monday, July 18, to having raised more than $ 28 million from investors falsely said his funds would be used to fund companies that they market cannabis pens, federal authorities said.
David Bunevacz, 53, of Calabasas, filed his statement for a count of securities fraud and electronic fraud, according to the U.S. prosecutor’s office.
U.S. District Judge Dale S. Fischer set the sentence for Nov. 21. Bunevacz will face up to 40 years behind bars.
Bunevacz solicited investments in several companies that he said were involved in the sale of vape pens containing cannabis products such as CBD oil and THC.
Defendant falsely told at least one investor that he had a long-standing relationship with a Chinese manufacturer of disposable pens.
Bunevacz also provided investors with forged documents, including bank statements, invoices and purchase orders, to support his claims about the success of the companies and the need for funds from investors, according to his statement agreement.
Bunevacz misappropriated most of the funds to pay for his own opulent lifestyle, “including a luxury home in Calabasas, trips to Las Vegas, jewelry, designer bags, a lavish birthday party for his daughter and horses, “documents filed in Los Angeles federal. judicial status.
Federal prosecutors say he spent more than $ 8.1 million on casinos, paid $ 218,700 to an event planner in connection with the birthday party, and bought a horse for $ 330,000.
Some investor funds were used to repay previous investors in a manner consistent with a Ponzi scheme, prosecutors said.
The investigation revealed that Bunevacz made efforts to hide negative information from investors, such as his 2017 conviction for illegal sale of securities.
Operating through its cannabis companies, Bunevacz caused investors losses of at least $ 28.4 million, according to its statement agreement.
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