Siddharth Jawahar, 38, the CEO of an investment company based in Texas, has been sentenced to 11 years in federal prison. This conviction is due to his involvement in a Ponzi scheme that prosecutors say affected 64 victims, including Travis Kelce, a player for the Kansas City Chiefs.
Conviction and Restitution
Judge Zachary Bluestone issued the prison sentence on Tuesday and ordered Jawahar to pay $31.35 million to the victims. Jawahar's attorney did not immediately respond to requests for comment.
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Ponzi Scheme Details
The U.S. Attorney's Office for the Eastern District of Missouri stated that between July 2016 and December 2023, Jawahar raised over $35 million from investors in his company, Swiftarc Capital LLC, but only invested about $10 million of that amount. According to prosecutors, he used funds from new investors to pay old investors and to cover his luxurious living expenses, including luxury apartments in New York and Austin, private jet travel, and expensive entertainment.
St. Louis news station KMOV-TV reported that prosecutors said Kelce was one of the victims, but did not provide further details. A Forbes article in 2021 noted that Kelce had invested in a fund established by Jawahar's company.
Jawahar's Legal Status
Robert Patrick, a spokesperson for the U.S. Attorney's Office for the Eastern District of Missouri, announced that there are a total of 64 victims, but declined to answer questions about Kelce's connection to the case. Kelce's representatives also did not immediately respond to emails seeking comment.
Jawahar was indicted in 2023 by a grand jury and pleaded guilty in January to three counts of wire fraud. He is from India and has been living in the United States without legal status since 2005. Prosecutors say that after his indictment, Jawahar attempted to persuade one of the victims to provide a favorable statement to the FBI, lied about his immigration status, and tried to encourage a relative to remotely delete his iPhone data to conceal evidence.
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Source: independent.co.uk
