Indian-American man jailed for $35m Ponzi scheme; Travis Kelce named victim
· Business · Indian Express, NBC News
Siddharth Jawahar, an Indian-origin man living in the US without legal status since 2005, was sentenced to 11 years in federal prison for orchestrating a Ponzi scheme that defrauded investors of over $35 million through his Texas-based firm Swiftarc Capital LLC. Travis Kelce, husband of Taylor Swift and Kansas City Chiefs tight end, was identified in court as one of 64 victims of the scheme, though prosecutors did not disclose the amount he may have lost. Jawahar pleaded guilty to three federal wire fraud charges in January and used funds from new investors to pay earlier investors, while spending millions on private-plane flights, luxury hotels and expensive restaurants. The court ordered Jawahar to pay $31.35 million in restitution, and court filings showed he paid $10,000 to a political consulting firm in August to generate support before sentencing. A 2021 Forbes article had previously identified Kelce as an investor in a Swiftarc fund co-founded by Jawahar, alongside NBA players T
Why it matters
The case highlights how high-profile individuals, including celebrities and athletes, can be vulnerable to sophisticated financial fraud despite their public profiles. It also underscores the ongoing legal risks faced by undocumented immigrants who establish fraudulent investment schemes in the US financial system.
Read the original report — Indian Express
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