{"id":49307,"date":"2022-04-05T14:00:03","date_gmt":"2022-04-05T21:00:03","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=49307"},"modified":"2022-04-05T14:00:03","modified_gmt":"2022-04-05T21:00:03","slug":"man-allegedly-scammed-investors-of-at-least-28-million-to-fund-cannabis-vaping","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=49307","title":{"rendered":"Man Allegedly Scammed Investors of at Least $28 Million to Fund Cannabis Vaping"},"content":{"rendered":"

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0LOS ANGELES\u00a0<\/strong><\/span><\/p>\n

A former UCLA decathlete who also competed with the Philippines national team was arrested Tuesday on a federal criminal complaint alleging that he fraudulently raised more than $37 million from investors, officials allege.<\/span><\/p>\n

The investors were told their funds would be used to finance companies marketing cannabis vape pens.<\/span><\/p>\n

\"\"
David Joseph Bunevacz<\/figcaption><\/figure>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 David Joseph Bunevacz, 53, of Calabasas, was taken into custody as a result of a complaint filed on March 30. <\/span><\/p>\n

The complaint charges him with one count of wire fraud.\u00a0<\/span><\/p>\n

If convicted of the wire fraud charge alleged in the indictment, Bunevacz faces up to 20 years in federal prison.<\/span><\/p>\n

Bunevacz is presumed innocent unless proven guilty.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 According to an affidavit filed with the complaint, Bunevacz solicited investments in various businesses \u2013 \u201cCB Holding Group Corp.\u201d and \u201cCaesarBrutus LLC,\u201d among others \u2013 which he claimed were involved in the sale of vape pens containing cannabis products such as CBD oil and THC. <\/span><\/p>\n

\"whiteBunevacz falsely told at least one investor he had a long-standing relationship with a Chinese manufacturer of disposable vape pens and he obtained \u201craw pesticide-free oil\u201d that was sent to a \u201clab that infuses the flavors into the oil with our proprietary custom process that renders the vape flavoring smooth and discrete,\u201d the complaint alleges. <\/span><\/p>\n

Bunevacz allegedly also provided investors with forged documents \u2013 such as bank statements, invoices, and purchase orders \u2013 to support his claims of the businesses\u2019 success and the need for investor funds.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Instead of using the funds to finance business operations, Bunevacz \u201cmisappropriated the vast majority of the funds to pay for his own opulent lifestyle, including a luxurious house in Calabasas, Las Vegas trips, jewelry, designer handbags, a lavish birthday party for his daughter, and horses,\u201d according to the affidavit. <\/span><\/p>\n

\"\"Bunevacz allegedly spent $8,143,500 at casinos, paid $218,700 to an event planner in connection with a birthday party for his daughter, and bought a horse for $330,000. <\/span><\/p>\n

Some investor funds were allegedly used to repay earlier investors in a manner consistent with a Ponzi scheme.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 To create the false appearance that his companies were engaged in legitimate business activities, Bunevacz registered various shell companies, including several with names similar or identical to those of legitimate cannabis businesses. <\/span><\/p>\n

To conceal his control of these shell companies and the bank accounts associated with them, Bunevacz listed other individuals, including his stepdaughter, as the corporate officers of the shell companies.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 According to the affidavit, Bunevacz and his family maintain a public profile. Bunevacz\u2019s blog touts his success as a former decathlete who competed for the Philippines, and his wife and daughter appeared in a reality television show. <\/span><\/p>\n

Despite Bunevacz\u2019s promotion of his background, Bunevacz took efforts to conceal negative information from investors, such as his 2017 felony conviction for the unlawful sale of securities, according to the affidavit. <\/span><\/p>\n

After one investor uncovered a civil lawsuit against Bunevacz, Bunevacz allegedly emailed a counterfeit version of the settlement agreement to falsely make it appear that he had been paid $325,000 as part of a settlement. <\/span><\/p>\n

In reality, it was Bunevacz who had agreed to pay $325,000 to settle the claim.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Investigators believe that Bunevacz caused his victims to suffer losses of at least $28.4 million, and possibly as much as $35 million. <\/span><\/p>\n

The investigation in this matter is ongoing.<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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