Ex-Philippine team decathlete David Bunevacz pleads guilty to $28M (P1.5B) marijuana vape scheme
David Bunevacz, a former Philippine national team decathlete, has been found guilty of crimes related to a cannabis-vaping scheme he has been plotting, stealing over $28.4M (P1.5B) from investors.
Per Los Angeles Daily News, Bunevacz claimed for over a decade that he had set up a company selling Chinese-made vape pens infused with cannabis products such as Cannabidiol (CBD) oil and THC. Turns out, he was only falsifying documents such as bank statements and invoices as proof to his investors.
He then used the funds for his personal use, such as lavish parties, designer brands, and a mansion in Calabasas, California. He also threw a lavish party for his daughter's 16th birthday.
The courts stated that he spent over $8.1 million (P455M) at casinos, $218,700 (P12M) for his daughter's event planner, and even a luxury horse for $330,000 (P18M).
Prior to his charges, the ex-decathlete earned a gold medal during the 1997 South East Asian Games. He is married to Filipina host and author, Jessica Rodriguez. They share three children.
In 2007, the couple was caught up in a similar incident when they were accused of embezzling money from their business partners in Beverly Hills 6750, where Bunevacz sat as CEO. They went on to reject the claims. Bunevacz was also in hot water back in 2010 for an alleged ticket-selling scheme during the 2008 Beijing Games.
Before the LA court, Bunevacz pled guilty to two counts of securities fraud and wire fraud. He faces a maximum of 20 years per sentence, taking his sentence to up to 40 years in prison.