A former University of California–Los Angeles decathlete and Philippines national team member was sentenced to 17 years and six months in prison for scamming cannabis business investors out of $45 million.
David Joseph Bunevacz, 53, of Calabasas, was sentenced Nov. 21 in U.S. District Court of Los Angeles and ordered to pay about $35.3 million in restitution to his victims.
During sentencing, Judge Dale Fischer told the court that Bunevacz had “preyed on individuals who believed he was their friend,” according to the U.S. Attorney’s Office.
Bunevacz was arrested April 5 and accused of fraudulently raising millions from investors who were told their funds would be used to finance companies marketing cannabis vape pens.
According to a federal affidavit, Bunevacz solicited investments for several businesses beginning in 2010.
He claimed the businesses were selling vape pens with non-psychoactive CBD and psychoactive THC.
He told at least one investor he had a long-standing relationship with a Chinese manufacturer of disposable vape pens and he obtained “raw pesticide-free oil” that was sent to a “lab that infuses the flavors into the oil with our proprietary custom process that renders the vape flavoring smooth and discrete,” the complaint claims.
Instead of using the funds for business operations, Bunevacz used the money to pay for an opulent lifestyle, including buying a house in Calabasas, Las Vegas trips, jewelry, designer handbags, and a $218,700…
