David Bunevacz agrees to plead guilty to securities, wire fraud

David Bunevacz, a former decathlete for the Philippines, has agreed to plead guilty to two federal crimes for scamming investors of over $28 million, the US Attorney's Office in the Central District of California has said.

The plea agreement filed before the US District Court said Bunevacz, 53, has agreed to plead guilty to one count of securities fraud and one count of wire fraud. Both crimes carry a statutory maximum penalty of 20 years in prison.

According to the plea agreement, Bunevacz created businesses that he claimed were involved in the cannabis industry and the sale of vape pens.

Bunevacz convinced investors of his companies’ legitimacy by falsely telling them he had a longstanding relationship with a Chinese manufacturer of disposable vape pens.

He also provided investors with forged documents such as 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 use the funds to pay for his own opulent lifestyle including a luxurious house in Calabasas, Las Vegas trips, jewelry, designer handbags, horses, and a lavish birthday party for his daughter, the U.S. attorney’s office said.

Bunevacz raised between approximately $37,166,737 and $45,068,227 from more than 10 investors.

He has admitted to causing losses of at least $28,409,112.

Bunevacz is a former University of California Los Angeles decathlete.

He once competed for the Philippines in international competition. -Mel Matthew Doctor/NB, GMA News