Travis Kelce Named as Victim in Multi-Million-Dollar Fraud Scheme by Prosecutors
Yahoo Sports • • sports
Key Points:
- Siddharth Jawahar was sentenced to 11 years in prison for running a Ponzi scheme that misused over $35 million from investors, funding an extravagant lifestyle and repaying earlier investors.
- Kansas City Chiefs tight end Travis Kelce was named as a victim in the scheme due to his investment in the Swiftarc Venture Labs Fund, co-founded by Jawahar, though his involvement was only briefly mentioned in court.
- Jawahar's scheme involved investing client funds primarily in Philip Morris Pakistan, concealing losses while falsely reporting profits, and using new investor money to pay returns to earlier investors.
- Jawahar attempted to obstruct justice by coaching a victim to give favorable statements to the FBI and tried to delete evidence from his phone, also lying about his immigration status during the investigation.
- Jawahar has been ordered to pay more than $31 million in restitution to victims, and the U.S. Attorney's Office and Kelce's representatives have been contacted for comment.
