A former UCLA decathlete was arrested on April 5 on a federal criminal complaint alleging that he fraudulently raised more than $37 million from investors.
David Joseph Bunevacz, 53, is charged with one count of wire fraud. According to the criminal complaint, Bunevacz solicited investments in businesses – CB Holding Group Corp. and CaesarBrutus LLC, among others – which he claimed were involved in the sale of vape pens.
Authorities said Bunevacz falsely told at least one investor he had a long-standing relationship with a Chinese manufacturer of disposable vape pens. The alleged scam caused losses estimated at $35 million. If convicted, Bunevacz faces 20 years in federal prison.