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Former national athlete David Bunevacz pleads guilty to $28-M scam

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TJ Manotoc, ABS-CBN News

Former Philippine team decathlete David Bunevacz could be looking at a lengthy prison sentence in the US after the former athlete and celebrity pleaded guilty to scamming investors into a cannabis vaping business of at least $28 million.Early July, the District Attorney’s office of California released the <a href="https://www.justice.gov/usao-cdca/pr/calabasas-man-agrees-plead-guilty-charges-scamming-cannabis-vaping-business-investors" target="_blank">detailed information</a> of the the 53-year-old’s guilty plea to one count of securities fraud and one count of wire fraud. Both crimes carry a statutory maximum penalty of 20 years in federal prison. The District Attorney added that according to Bunevacz’ plea agreement, going back to 2010, Bunevacz created several business entities -- including Holy Smokes Holdings LLC and Caesarbrutus LLC -- that he claimed were involved in the cannabis industry and the sale of vape pens containing cannabis products such as CBD oil and THC.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/entertainment/02/02/14/bunevacz-breaks-silence-vhong-case">Bunevacz breaks silence on Vhong case</a></li></ul>Bunevacz falsely 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,” according to court documents. Bunevacz also provided investors with forged documents -- that included bank statements, invoices and purchase orders -- to support his claims of the businesses’ success and the need for investor funds.But instead of using the funds to finance business operations, Bunevacz misappropriated majority of the funds to pay for his lavish lifestyle which, according to court documents, included a luxurious house in Calabasas, Las Vegas trips, jewelry, designer handbags, a lavish birthday party for his daughter, and horses.To create the false appearance that his companies were engaged in legitimate business activities, Bunevacz registered many other shell companies, including several with names similar or identical to those of legitimate cannabis businesses. <ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/video/entertainment/02/02/14/bunevacz-hoping-justice-vhong-navarro">Bunevacz hoping for justice for Vhong Navarro</a></li></ul>To conceal his control of these shell companies and the bank accounts associated with them, Bunevacz listed other individuals, including his stepdaughter with wife and former actress Jessica Rodriguez, as the corporate officers of the shell companies.The District Attorney details that Bunevacz spent more than $8.1 million at casinos, paid $218,700 to an event planner in connection with the birthday party, and bought the horse for $330,000.Some investor funds were used to repay earlier investors in a manner consistent with a Ponzi scheme, prosecutors said.The investigation revealed Bunevacz took efforts to conceal negative information from investors, such as his 2017 felony conviction for the unlawful sale of securities.A US District has set his sentencing for November 21 and he can face as much as 40 years in prison.

Bunevacz could be looking at a lengthy prison sentence in the US after he pleaded guilty to scamming investors into a cannabis vaping business.

Former national athlete David Bunevacz pleads guilty to $28-M scam

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Former national athlete David Bunevacz pleads guilty to $28-M scam

TJ Manotoc,

ABS-CBN News

Published Jul 20, 2022 12:58 PM PHT

|

Updated Jul 21, 2022 01:14 AM PHT

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David Bunevacz

Scam

$28 million

Vaping business

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