A former UCLA decathlete was sentenced on Monday, Nov. 21, to 17 years, six months in federal prison for raising more than $28 million from investors falsely told their funds would finance companies marketing cannabis vape pens.
David Bunevacz, 53, of Calabasas was sentenced by U.S. District Judge Dale Fischer, who also ordered him to pay $35 million in restitution. At the hearing, Fischer noted that Bunevacz had “preyed on individuals who believed he was their friend” and that the “seriousness of (his) conduct cannot be captured in mere dollars and cents,” according to the U.S. Attorney’s Office.
Fischer also found that Bunevacz continued to perpetrate his scheme even while serving probation for a state court conviction, concluding, “Not even a criminal conviction and the threat of jail convinced (Bunevacz) to become a law-abiding citizen.”
Bunevacz pleaded guilty in July to one federal count each of securities fraud and wire fraud. He has been in federal custody since his arrest on April 5.
Bunevacz solicited investments in various businesses that he claimed were involved in the sale of vape pens containing cannabis products such as CBD oil and THC.
He falsely told at least one investor he had a long-standing relationship with a Chinese manufacturer of disposable vape pens. Bunevacz provided investors with forged documents, including bank statements, invoices and purchase orders, to support his claims of the businesses’ success and the need for investor…
