US Court Sentences Siddharth Jawahar to 11 Years for 35M Ponzi Scheme
A federal court in St. Louis sentenced Siddharth Jawahar to 11 years in prison for running a 35 million dollar Ponzi scheme that victimized NFL star Travis Kelce.
A federal court in St. Louis sentenced 38-year-old Siddharth Jawahar to 11 years in prison this week after he operated a Ponzi scheme exceeding 35 million dollars.
During the court hearing, it was revealed that one of the victims of the scam is NFL star and Kansas City Chiefs tight end Travis Kelce, according to a report by Fortune.
Jawahar pleaded guilty in January to three counts of wire fraud. Starting in 2010, he managed an investment firm named Swiftarc Capital LLC and promised clients their money was invested in various companies. In practice, as detailed in the indictment, he funneled nearly all the funds—about 99% at their peak—into a single overseas company, Philip Morris Pakistan.
When the investment collapsed, Jawahar failed to update investors and presented them with false representations of high returns. When they requested their money back, he paid them using funds from new investors.
