Chiefs tight end Travis Kelce named one of the victims in $35 million ponzi scheme
&imwidth=600&imheight=450&format=webp&quality=medium "Chiefs tight end Travis Kelce named one of the victims in $35 million ponzi scheme")
Chiefs tight end Travis Kelce named one of the victims in $35 million ponzi scheme Photograph: (AFP)
Kansas City Chiefs tight end Travis Kelce was named as a victim in an $35M Ponzi scheme run by Siddharth Jawahar, who was sentenced to 11 years in prison and ordered to pay $31.35M in restitution.
Travis Kelce, the NFL superstar who plays tight end for the Kansas City Chiefs, has been named one of the victims in a Ponzi scheme. The scheme, run by Siddharth Jawahar, saw investors losing $35 million from investments done between July 2016 and December 2023. The accused was sentenced to 11 years in prison on Tuesday (Sep 15) by the U.S. District Court for the Eastern District of Missouri. It is, however, not revealed how much money Kelce lost in the scheme. Assistant U.S. Attorney Derek Wiseman prosecuted the case and mentioned Travis Kelce's name, as reported by television station KMOV, but added no further comments.
Kelce one of the victims of Ponzi scheme
Kelce, who has career earnings in excess of $111 million according to Spotrac, invested money in Swiftarc Capital LLC, based out of Texas, which began operations in 2015.
"Jawahar ran a Texas-based investment company called Swiftarc Capital LLC. He initially invested in a diverse array of securities, but in 2015, began investing client funds in a single investment, Philip Morris Pakistan (PMP). Eventually, 99% of client funds were consolidated into PMP. When the value of PMP declined, Jawahar did not tell investors, instead claiming that shares were trading at a much higher price and that they were making profits. Jawahar used money from new investors to repay older investors and to fuel an extravagant lifestyle that included flights on private planes, stays at luxury hotels and expensive outings at fancy restaurants," read the news release by the US attorney's office.
What next for Jawahar?
Trending Stories
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
&im=FitAndFill=(700,400))
)
)
)
)
)
)
)
)
&im=FitAndFill=(700,400))
)
)
Jawahar, a 38-year-old investment advisor, accepted the three counts of wire fraud charges in January and was looking at a maximum sentence of 20 years as well as a $250,000 fine. The court, however, kept his sentence to 11 years and ordered him to pay “$31.35 million in restitution to victims.”
