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California man pleads guilty to cannabis pen fraud

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The Associated Press

Associated Press

Los Angeles (AP) — A Southern California man who once joined the Philippine Tenth Competition team charges investors over $ 28 million for a fake plan to sell the federal cannabis vapor pen. The prosecutor announced on Friday that he agreed to plead guilty.

Calabasas David Joseph Bunevatz, 53, agreed on Wednesday to plead guilty to securities and telegraph fraud at a later date. According to a US law firm, when he is sentenced to Los Angeles, he can face up to 20 years in prison in a federal prison.

According to his judicial transaction, the prosecution said that as far back as 2010, Bunevats had created several businesses claiming to be involved in the cannabis industry and the sale of arcpen. The official said.

He raised tens of millions of dollars from at least 10 investors, the prosecutor said.

But instead of funding the business, Bunevacz has a lifestyle such as luxury homes, Las Vegas trips, jewelry, designer handbags, horses, and a luxury birthday party for a US lawyer who is a daughter. Used much of it to fund the. The office said in a statement.

Bunevacz is a decathlon at the University of California, Los Angeles and competed for the Philippines in the 1990s.