2 hrs ago
Travis Kelce Named Victim in $35 Million Ponzi Case
Travis Kelce invested money with a company called Swiftarc Capital LLC.
Prosecutors said the company was involved in a Ponzi scheme.
In this type of scheme, money from new investors is used to pay older investors.
The scheme caused losses reported as more than or approximately $35 million.
The investments happened between July 2016 and December 2023.
Siddharth Jawahar ran the company and pleaded guilty to three wire fraud charges.
A judge sentenced him to 11 years in federal prison and ordered him to repay $31.35 million.
The amount Kelce personally lost has not been disclosed.
Kansas City Chiefs tight end Travis Kelce was identified as one of 64 victims in the scheme.
Investors lost more than, or approximately, $35 million between July 2016 and December 2023.
Siddharth Jawahar, founder of Swiftarc Capital LLC, was sentenced to 11 years in federal prison.
A Missouri federal judge ordered Jawahar to pay $31.35 million in restitution.
Prosecutors said Jawahar used new investors’ money to repay earlier investors and support an extravagant lifestyle.
- Who
- Siddharth Jawahar was sentenced, and Kansas City Chiefs tight end Travis Kelce was named among the victims.
- What
- A Ponzi scheme involving reported investor losses of more than or approximately $35 million led to Jawahar’s conviction and sentencing.
- Where
- Swiftarc Capital LLC was based in Texas, and Jawahar was sentenced by the U.S. District Court for the Eastern District of Missouri.
- When
- The investments occurred between July 2016 and December 2023; Jawahar was sentenced on Tuesday, September 15.
- Why
- Prosecutors said Jawahar concealed declining investment values, used new investors’ funds to repay earlier investors, and financed an extravagant lifestyle.
Key facts
- Reported investor losses
- More than, or approximately, $35 million
- Number of victims
- 64
- Named victim
- Travis Kelce
- Defendant
- Siddharth Jawahar
- Company
- Swiftarc Capital LLC
- Sentence
- 11 years in federal prison
- Restitution
- $31.35 million
- Kelce’s reported loss
- Not disclosed
Quotes
U.S. attorney’s office
The federal prosecutorial office that issued the case-related news release
“Jawahar ran a Texas-based investment company called Swiftarc Capital LLC.”
wionews.com
Sources
Related news
Siddharth Jawahar Sentenced 11 Years in $31 Million Fraud
Siddharth Jawahar Pleads Guilty in $35 Million Ponzi Scheme
Odisha EOW Arrests Accused in Multi-Crore Crypto Ponzi Scam
Indian National Arrested in Canada Over $7.5 Million Elder Fraud
FBI Adds Tech CEO to Most Wanted Fraudsters List
Man Arrested in Kadapa Over Alleged ₹50 Lakh Investment Fraud
Taylor Swift Returns Publicly at Chiefs Game After Wedding
Taylor Swift Cameos as Rookie Detective at Emmys
