A Canadian business executive who gave $3.5m to a Californian fraudster to invest in a cannabis business is now trying to recover the funds after the money was apparently lost gambling at the Wynn Las Vegas casino resort.
Stephen Shefsky is the CEO and president of Canadian oil company James Bay Resources Ltd. He wants the US District Court of Nevada to allow his legal team in Las Vegas to subpoena Wynn officials so they can obtain info about the loan recipient’s gambling. Wynn Resorts is facing accusations of not reporting the significant gambling losses to the Financial Crimes Enforcement Network. He should have stuck to playing free slots instead!
a Ponzi scheme that attracted people to invest in a cannabis vape pen business
David Bunevacz is the California fraudster who gambled away the funds. He was sent to prison for over 17 years in November for fraud. The judge in his case outlined how the fraudster masterminded a Ponzi scheme that attracted people to invest in a cannabis vape pen business that didn’t actually exist.
Most of the money that Bunevacz got from investors actually went towards funding a luxury house, trips to Las Vegas, jewelry, designer goods, and even horses. He is estimated to have taken in over $45m from about 100 people and now has to pay restitution of $35.3m.