A former UCLA athlete who competed with the Philippines national team pleaded guilty Monday to July to raising more than $ 28 million in investors, falsely saying his funds would be used to fund companies that sell cannabis pens, federal officials said .
David Bunevacz, 53, of Calabasas, filed his petition for a charge of securities fraud and telematic fraud, according to the U.S. Attorney’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 requested investments in several companies that, he said, were involved in the sale of vape pens containing cannabis products such as CBD and THC oil.
Defendant falsely told at least one investor who 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 for investors, according to his statement agreement.
Bunevacz misappropriated most of the funds to pay for his own opulent lifestyle, “including a luxurious house in Calabasas, trips to Las Vegas, jewelry, designer handbags, a lavish birthday party for his daughter and horses,” papers presented in Los Angeles. judicial status.
Federal prosecutors say he spent more than $ 8.1 million on casinos, paid $ 218,700 to an event organizer in connection with the birthday party, and bought a horse for $ 330,000.
Some investor funds were used to repay previous investments in a manner compatible with the Ponzi scheme, prosecutors said.
The investigation revealed that Bunevacz made efforts to hide negative information from investors, such as his 2017 felony conviction for illegal sale of securities.
Operating through its cannabis companies, Bunevacz caused losses to investors of at least $ 28.4 million, according to its statement agreement.
Former UCLA decathlete pleads guilty to $28.4 million cannabis-vaping scam – Press Telegram Source link Former UCLA decathlete pleads guilty to $28.4 million cannabis-vaping scam – Press Telegram