A Canadian enterprise govt who loaned a California man $3.5 million as an funding in a hashish enterprise is making an attempt to get well the cash, believed to have been misplaced playing at Wynn Las Vegas.
Ontario, Canada resident Stephen Shefsky, president and CEO of Toronto-based James Bay Sources Ltd., is searching for an order by way of the U.S. District Courtroom in Nevada to take discovery in overseas court docket proceedings.
If profitable, the order would allow Shefsky’s Las Vegas-based authorized staff to subpoena Wynn officers for data on playing by the mortgage’s recipient, David Bunevacz, who was sentenced in November to 17½ years in jail for fraud.
Bunevacz, a former UCLA decathlete who as soon as competed with the Philippines nationwide staff, pleaded responsible on July 18 to 1 rely of securities fraud and one rely of wire fraud.
Wynn Resorts is accused of failing to report big playing losses to the Monetary Crimes Enforcement Community, which tracks cash laundering.
U.S. District Courtroom Decide Dale Fischer stated Bunevacz was concerned in a ponzi scheme and “preyed on people who believed he was their buddy” as he sought traders to market hashish vape pens in authorized marijuana markets.
Representatives of Wynn Resorts, who simply discovered of the overseas court docket proceedings, didn’t touch upon the case Monday.
In California court docket paperwork, Bunevacz attended a hashish enterprise conference in Las Vegas with Shefsky and stayed on the Wynn.
In response to the U.S. Lawyer’s Workplace within the Central California District, Bunevacz falsely informed at the very least one investor he had a longstanding relationship with a Chinese language producer of disposable vape pens and he obtained “uncooked pesticide-free oil” that was despatched to a “lab that infuses the flavors into the oil with our proprietary customized course of that renders the vape flavoring easy and discrete,” in accordance with court docket paperwork. Bunevacz additionally supplied traders with solid paperwork — equivalent to financial institution statements, invoices and buy orders — to assist his claims of the companies’ success and the necessity for investor funds.
As a substitute of utilizing the funds to finance enterprise operations — whereas a few of his victims had been struggling extreme monetary hardship — Bunevacz misappropriated the overwhelming majority of the cash to pay for his personal opulent way of life, together with a luxurious home in Calabasas, California, Las Vegas journeys, jewellery, designer purses, a lavish birthday celebration for his daughter, and horses, the U.S. Lawyer’s Workplace stated in a launch.
The U.S. Lawyer’s Workplace stated Bunevacz fraudulently raised greater than $45 million from an estimated 100 traders. On the sentencing, Fischer ordered Bunevacz to pay $35.3 million in restitution, the whole quantity believed to be misplaced by traders.
Contact Richard N. Velotta at email@example.com or 702-477-3893. Comply with @RickVelotta on Twitter.