Investment firm founder sentenced to 11 years for $35M Ponzi scheme

A federal judge in St. Louis sentenced Siddharth Jawahar, 38, to 11 years in prison on Tuesday for operating a Ponzi scheme through his Texas-based firm Swiftarc Capital LLC. Jawahar pleaded guilty in January to three counts of wire fraud.

Prosecutors said Jawahar raised more than $35 million from 64 investors between July 2016 and December 2023 but invested only about $10 million. He allocated roughly 99% of client capital into Philip Morris Pakistan stock, concealed its collapse, and used new investor money to pay earlier clients.

“He did this because of greed”

Kansas City Chiefs tight end Travis Kelce was named in court as one of the victims during the sentencing hearing. Authorities did not disclose the amount Kelce invested or lost. A 2021 Forbes report also linked NBA players Gary Harris, Tim Hardaway Jr., and Mason Plumlee to the fund.

Judge Zachary M. Bluestone ordered Jawahar to pay $31.35 million in restitution. Court filings note Jawahar is an Indian citizen who had been living in the U.S. illegally since 2005. He funded a lavish lifestyle with private jets, luxury apartments in New York and Austin, and exclusive club memberships using investor funds.