Filipino Businessman Accused of Stealing $37 Million from Cannabis Investors
One of the surest ways to attract American investors is to promise them a piece of the cannabis or vaping industry—or even better, both. According to the U.S. Department of Justice, that’s exactly what one Filipino-American businessman did, but with a significant twist.
David Bunjevac: Arrested for Fraud
On April 5, California authorities arrested 53-year-old David Joseph Bunjevac, a Filipino-American businessman who was previously a decathlete and model. He is accused of raising $37 million from investors to fund a non-existent business selling cannabis vapes, and then using the money to support a lavish lifestyle.
No Business, But Plenty of Investments
A week before his arrest, the U.S. Department of Justice received an affidavit describing Bunjevac as a “notorious fraudster” who “often bragged about his wealth and talked about buying horses,” and who had been deceiving various investors for the past decade.
The affidavit states that Bunjevac showed at least one investor a fake PowerPoint presentation designed to make it appear that his companies were selling vapes containing THC and CBD. The presentation claimed these companies already had “strategic partnerships” with Chinese vape manufacturers and had recently received “raw, pesticide-free” oil that would be sent to a lab for flavoring.
In reality, these companies never existed. To keep investors from catching on, Bunjevac allegedly forged bank statements and legal documents, fabricated invoices and purchase orders, and laundered money through shell companies. He even used his stepdaughter’s name in corporate and financial records to further conceal his crimes.
The affidavit also notes that while Bunjevac provided investors with detailed—but false—information, he omitted key facts, such as his prior conviction for a securities-related felony.
Family Man and Filipino Celebrity
After convincing investors that their money would be used for business expenses, Bunjevac allegedly spent the funds on a luxurious lifestyle. He bought a house in Calabasas, took multiple trips to Las Vegas, purchased designer handbags, jewelry, horses, and even threw an extravagant birthday party for his daughter. Not all the money went to himself and his family; some was used to pay off previous investors, which is also illegal.
Despite all this, Bunjevac maintained a public profile. On his personal blog, he wrote about his career as a professional decathlete for the Philippine national team in the 1990s. He and his wife, Jessica Rodriguez, also appeared in Filipino tabloid media. According to reports, the couple lived in the Philippines for a time, running a “high-end beauty clinic” before being forced out of the business (and the country) amid accusations of defrauding partners.
Time to Face the Music
Joshua Ritter, Bunjevac’s attorney, says his client is determined to fight the charges. “This is related to business deals that unfortunately didn’t work out, but that doesn’t always amount to criminal negligence,” he said, noting that they will review all the evidence once it becomes available. “We are committed to providing a strong defense, because this does not reflect his character or how he has lived his life.”
Bunjevac is currently in custody awaiting a detention hearing scheduled for April 12.