Investment firm founder sentenced to 11 years for $35M Ponzi scheme
Siddharth Jawahar defrauded 64 investors, including NFL star Travis Kelce, by funneling nearly all funds into a single failing stock.
KEY POINTS
- Siddharth Jawahar, 38, sentenced to 11 years for $35M Ponzi scheme via Swiftarc Capital LLC
- 64 victims defrauded; only ~$10M of $35M+ raised was actually invested
- Travis Kelce named as victim in court; exact loss undisclosed
- Funds concentrated in Philip Morris Pakistan stock; losses hidden from investors
- Jawahar ordered to pay $31.35M restitution; lived in U.S. illegally since 2005
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.
6 more sources below
COMMENTS (0)
No comments yet. Be the first.
RELATED STORIES
Milei to Attend Ibero-American Summit in Madrid Amid Notable Absences
Argentine President Javier Milei will join leaders from 22 nations in Madrid on November 4-5 to discuss digital transformation and disaster response.
Canva reorganizes workforce, affecting 1,271 employees
Canva is restructuring its organization, impacting 22% of its staff as growth slows and AI competition increases.
Sherrod Brown Wins Ohio Senate Seat as Democrats Take Governor's Race
Sherrod Brown narrowly defeated Jon Husted to reclaim Ohio's Senate seat, while Amy Acton won the governor's race.
- Paraguay Central Bank Dissolves Ueno Bank Amid Solvency Crisis
- Trans women attacked in Palermo; politicians blame Milei hate speech
- LPG prices double in Pakistan open market as winter shortage deepens
- US Midterm Elections: Key Governor and Senate Races Decide Party Control
- Brazil's central bank set to hold interest rate as markets await US midterm elections
This page was compiled with AI assistance from the outlets named above and passed an automated language check before publication. Montegre has no reporters of its own; the byline names the outlets the story was compiled from. Method and editorial standards