Posted on: November 22, 2022, 06:41h.
Last updated on: November 22, 2022, 07:02h.
A former UCLA decathlete who later represented the Philippines at track and field events has been sentenced to 17.5 years in a federal prison for fraud.
American Philippine citizen David Bunevacz, 53, of Calabasas, Calif., stole more than $35 million from investors, $8.1 million of which he blew at casinos, according to federal prosecutors.
Bunevacz duped his victims into believing their money would go towards financing companies that marketed cannabis vape pens.
In reality, he spent the money on “a luxurious house in Calabasas, Las Vegas trips, jewelry, designer handbags, a lavish birthday party for his daughter, and horses,” according to court records.
Big in the Philippines
Bunevacz, a celebrity in the Philippines, splurged $218,700 on the birthday party and bought a racing horse for $330,000, court filings state. Some investor funds were used to repay earlier investors, bearing the classic hallmarks of a Ponzi scheme.
Bunevacz registered several shell companies to “create the false appearance that his companies were…
