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Travis Kelce was among the victims of a man’s multimillion-dollar Ponzi scheme
NBC News • • general
Key Points:
- Siddharth Jawahar was sentenced to 11 years in prison and ordered to repay $31 million for running a Ponzi scheme that defrauded investors nationwide from 2016 to 2023, including Kansas City Chiefs tight end Travis Kelce.
- Jawahar, who pleaded guilty to three counts of wire fraud, operated Swiftarc Capital LLC, using funds from new investors to pay older ones while financing a lavish lifestyle involving private jets and luxury accommodations.
- The court revealed Kelce as one of Jawahar’s high-profile victims during sentencing, but no further details on Kelce’s involvement were disclosed, and representatives for Kelce did not comment.
- Jawahar attempted to influence victim statements and erase evidence after his indictment, but he also cooperated with authorities, which was noted by Rep. Sam Graves in a letter requesting a lighter sentence.
- Despite cooperation, Jawahar’s failure to begin restitution payments was a significant factor in the judge’s decision to impose a lengthy prison term.
