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Toronto, Ontario-based James Bay Resources Ltd. and its president, Stephen Shefsky, allege in the lawsuit that a former Philippine decathlete and television personality David Bunevacz lost an estimated $3.8 million at Wynn Las Vegas and some of those funds came from Shefsky and his company.
It gets worse.
Bunevacz was apparently on probation during the period in which these funds were gambled away, remarkably a one-and-a-half-year period from January 2018 to June 2019. The complaint contends that Bunevacz was also a "problem gambler" for whom Wynn should never have allowed to place bets in its casino.
According to the lawsuit, Shefsky made two personal loans totalling $1.1 million (U.S.) and James Bay loaned $3.5 million to CB Holdings Group Corp. and Brutus California Ventures Corp., controlled by Bunevacz, of California, and his daughter, Californian Mary Hayca Bunevacz.
In the lawsuit filed in April in the Ontario Court of Justice against Wynn, James Bay and Shefsky allege negligence and unjust enrichment against the company. James Bay Resources Ltd. is listed on the Canadian Stock Exchange and mines for lithium.
“Wynn had ample opportunity to discover Mr. Bunevacz’ criminal record as well as the existence of multiple state and federal tax liens and civil lawsuits recorded against him – facts that would have given rise to a reasonable suspicion concerning the source of Mr. Bunevacz’ funds,” the lawsuit says.
Federal regulations require casinos to file suspicious activity reports to the U.S. Financial Crimes Network for transactions exceeding $10,000. Wynn officials on Tuesday had no comment about the lawsuit.
In July of 2022, Bunevacz pleaded guilty to one count of securities fraud and one count of wire fraud and is currently serving 17 years and 6 months in prison.
According to court documents, the Bunevaczes raised more than $39 million from 40 investors for a vape pen business.
In April 2022, the U.S. Securities and Exchange Commission issued a complaint against Bunevacz for an alleged violation of federal securities laws. Shefsky says Bunevacz spent an estimated $8 million in casinos.
“Wynn failed or neglected to make any such inquiries and instead willingly and blindly engaged in transactions with Mr. Bunevacz,” the lawsuit says. “In addition to the above-mentioned gambling, Wynn permitted or encouraged the Bunevaczes to spend money at Wynn’s hotel and casino, the amount and particulars of which are known to Wynn and are not known to the plaintiffs. Had Wynn complied with its statutory and common law obligations vis-a-vis Mr. Bunevacz, it would have developed reasonable suspicion that the funds being gambled and spent by the Bunevaczes were the proceeds of fraud.”
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