SEC Wins Default Judgment in Alleged CBD Oil Vape Ponzi Scheme

A California man accused of misusing more than $32 million in investor funds in a cannabis oil related Ponzi scheme failed to respond to a SEC complaint, leading a federal court in California to grant the agency’s request for a default judgment.

David J. Bunevacz told investors he had the connections and ability to generate profits in the cannabis industry, but the Securities and Exchange Commission said he blew that money on a horse, a birthday party, and mansion rent.

• The efforts Bunevacz took to hide his spending habits, including producing a doctored settlement agreement, led to the court to ...