James Bay Sues Wynn Resorts, Latest in David Bunevacz Saga

Posted on: October 3, 2024, 05:17h. 

Last updated on: October 4, 2024, 09:10h.

James Bay Resources Ltd., a Canadian natural resources company, has filed a statement of claim in Ontario’s Superior Court of Justice against Wynn Resorts — the latest legal move stemming from the saga of conman David Bunevacz.

David Bunevacz
David Bunevacz hugging an unnamed woman during an event in the Philippines. A Canadian company is suing Wynn Resorts for allowing the conman to gamble their money. (Image: Rappler)

The Toronto-based company said it was “induced by Bunevacz” to invest $4.6 million in businesses that ultimately turned out to be fraudulent. Rather than use James Bay’s capital for legitimate purposes, Bunveacz squandered that cash and other investors’ funds at Las Vegas casinos, including Wynn.

Wynn failed to discharge its duties pursuant to US State and Federal banking laws, Nevada gaming rules and the common law to conduct adequate due diligence into Bunevacz, and that had it done so, it would have discovered Bunevacz’ criminal record, investigated the source of his funds, and thereby prevented the Plaintiffs’ losses,” according to a statement issued by James Bay.

The Canadian company didn’t say how much it’s seeking from Wynn Resorts.

Who is David Bunevacz?

Bunevacz is a former UCLA decathlete who represented the Philippines in some global track and field events, and while he once held celebrity status in that country, it was attained through dubious efforts.

In 2022, he was sentenced to 17.5 years in federal prison after he pleaded guilty to one count of securities fraud and one count of wire fraud. The Department of Justice (DOJ) claimed he bilked investors out of $35 million, of which $8.1 million was spent in casinos.

“Instead of using the funds to finance business operations – and while some of his victims were suffering severe financial hardship — Bunevacz misappropriated the vast majority of the funds to pay for his own opulent lifestyle, including a luxurious house in Calabasas, Las Vegas trips, jewelry, designer handbags, a lavish birthday party for his daughter, and horses,” said the DOJ in a November 2022 statement.

He used cannabis and vape pen businesses to lure unwitting investors and by some estimates, the dollar figure of his fraud exceeds the aforementioned $35 million. The IRS said the grifter raised between approximately $37,166,737 and $45,068,227 from at least 10 investors, causing losses in excess of $28.4 million along the way.

Timing of James Bay Wynn Suit Interesting

James Bay’s filing of claim against Wynn arrived less than a month after Wynn Las Vegas agreed to pay $130.13 million to the government to settle claims that it engaged in improper money transfer practices. That was the largest-ever fine levied against an individual US casino, according to the DOJ.

That case against Wynn centered around the gaming company’s money transfer protocols involving some Chinese clients. Bunevacz wasn’t mentioned by the government as being relevant to that investigation.

James Bay didn’t mention the dates on Bunevacz wagered at Wynn, but the Canadian company asserts Wynn should have performed due diligence on Bunevacz. That process could have identified him as a convicted felon by way of crimes committed prior to the cannabis con, according to James Bay.

In 2016, the Los Angeles County District Attorney’s Office filed a nine-count Felony Complaint against him, alleging grand theft and securities fraud, among other charges. The following year, he pleaded no contest and was sentenced to three years probation.