A former UCLA decathlete who competed with the Philippines national team has agreed to plead guilty to federal charges for raising more than $37 million from investors falsely told their funds would be used to finance companies marketing cannabis vape pens, federal prosecutors announced Friday, July 1.
David Bunevacz, 53, of Calabasas agreed to plead guilty to one count each of securities fraud and wire fraud, according to his plea agreement filed Friday in Los Angeles federal court.
The crimes each carry a penalty of up to 20 years in federal prison.
Bunevacz has been in federal custody since his April arrest.
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, according to the criminal complaint.
The defendant falsely told at least one investor he had a long-standing relationship with a Chinese manufacturer of disposable vape pens and he obtained pesticide-free oil that was sent to a lab that infuses the flavors, the complaint states.
Bunevacz also 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 funds, prosecutors allege.
Bunevacz misappropriated the majority of the funds to pay for his opulent lifestyle, “including a luxurious house in Calabasas, Las Vegas trips, jewelry, designer handbags, a lavish birthday party for his daughter,…
