Former actor, model and Southeast Asian Games gold medalist David Bunevacz is facing serious jail time.
Reports said he has pleaded guilty to one count of securities fraud and one count of wire fraud relating to a scam at the US Attorney's Office in the Central District of California where his family is based.
Both crimes carry a statutory maximum penalty of 20 years in prison.
The husband of former actress, model and author Jessica Rodriguez, was arrested last April.
Authorities claimed he deceived investors into giving him $37 million setting up a bogus cannabis vaping business.
He supposedly used the money to support a lavish lifestyle, gambling away more than $8 million at casinos, buying cars, and spending more than $200,000 to throw a lavish party for his daughter, among others.
It’s not the first time Bunevacz landed in hot water.
In 2007, Bunevacz left the country in a huff after being accused of stealing money from a cosmetic surgery clinic he helped established.