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Siddharth Jawahar Sentenced 11 Years in $31 Million Fraud
Siddharth Jawahar ran an investment company called Swiftarc Capital.
People gave him money so he could invest it for them.
Much of the money was put into one investment called Philip Morris Pakistan.
When that investment lost value, prosecutors said Jawahar did not tell investors.
He also told people their investments were making money when they were not.
Prosecutors said he used money from new investors to pay older investors.
They described this as a Ponzi scheme.
He also spent money on private jets, luxury hotels, homes, clubs, shopping, and restaurants.
A judge sentenced him to 11 years in prison and ordered him to repay $31.35 million.
Siddharth Jawahar was sentenced to 11 years in prison for defrauding 64 investors, including Travis Kelce.
He was ordered to pay $31.35 million to Kelce and other investors.
Jawahar collected more than $35 million but invested only about $10 million.
He concealed losses in Philip Morris Pakistan and falsely claimed investors were making profits.
Prosecutors said he used newer investors’ money to repay earlier investors and fund a luxury lifestyle.
- Who
- Siddharth Jawahar, co-founder and managing partner of Swiftarc Capital, defrauded 64 investors, including Travis Kelce.
- What
- Jawahar was sentenced to 11 years in prison and ordered to pay $31.35 million for wire fraud and investment adviser fraud.
- Where
- Swiftarc Capital was based in Texas, while investors were located in Missouri and other states.
- When
- The scheme operated from about July 2016 through December 2023; Jawahar was sentenced on Tuesday after pleading guilty in January.
- Why
- Prosecutors said Jawahar concealed investment losses, falsely reported profits, failed to make promised investments, and used new investors’ money to repay earlier investors.
Key facts
- Sentence
- 11 years in prison
- Restitution
- $31.35 million
- Investors affected
- 64
- Money collected
- More than $35 million
- Money invested
- About $10 million
- Main investment
- Philip Morris Pakistan
- Investment company
- Swiftarc Capital LLC
Sources
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