Travis Kelce Falls Victim to $35M Ponzi Scheme
Travis Kelce is one of the victims of a Ponzi scheme that took $35 million from investors. In court, the prosecutor named Kelce as a victim while Siddharth Jawahar was sentenced to 11 years in prison. Here’s what is known about this scheme.
Travis Kelce was one of the victims of a large Ponzi scheme
On Tuesday, Jawahar received an 11-year prison sentence for a Ponzi scheme that collected over $35 million from investors. He ran the Texas-based investment company Swiftarc Capital LLC, which began taking money from investors over a decade ago. Jawahar placed all this money in a single investment. When it began losing value, he failed to inform investors.
He used the money to repay old investors, stay in luxury hotels, fly in private jets, eat at fancy restaurants, and go on expensive shopping sprees. Per ABC News, the U.S. Attorney said Jawahar “tried to obstruct justice by trying to coach a victim into giving a favorable statement to the FBI, lying about his immigration status and finances, and trying to get his sister to remotely wipe his iPhone to hide evidence.”
During the trial, the prosecutor mentioned that Kelce was one of many high-profile victims. It is not clear how much he invested, however. U.S. District Court Judge Zachary Bluestone ordered Jawahar to repay $31 million in restitution to victims.
