Travis Kelce Named as Victim of $35M Ponzi Scheme
A man who ran a Texas-based investment company will spend 11 years in prison after pleading guilty to a $35 million Ponzi scheme, according to the Justice Department.
U.S. District Judge Zachary M. Bluestone handed down the sentencing to Siddharth Jawahar, an illegal immigrant, who was ordered to pay $31.35 million in restitution to victims. Among his victims were Chiefs’ tight end Travis Kelce, according to published reports.
Jawahar ran the Ponzi scheme through Swiftarc Capital, a Texas-based investment advisor. In 2015, he started investing client funds in a single overseas company, Philip Morris Pakistan, eventually consolidating 99% of client funds into it. When the trading price for PMP declined dramatically, he didn’t tell investors. Instead, he led them to believe they were profiting.
From July 2016 to December 2023, he raised more than $35 million from investors but invested only about $10 million. The rest was used to repay older investors and fuel his extravagant lifestyle. He spent the money on private jet travel, luxury hotels, luxury apartments in Austin, Texas, and New York City, memberships at private clubs, clothing and fancy restaurants.
He also obstructed justice by coaching a victim to give a favorable statement to the Federal Bureau of Investigation, the Justice Department said. He also lied about his immigration status and finances and tried to get his sister to hide evidence.
“Sid Jawahar is a very good man, who has made some very serious mistakes and is taking ownership of all of it,” said Doug Passon, Jawahar’s attorney, in a statement. “He has made every effort from a jail cell in St. Genevieve to recoup restitution for victims and plans to continue in those efforts. Over the last 2 1/2 years incarcerated in a jail facility with no programming or meaningful opportunities for self-improvement, he devoted his time to helping his fellow inmates improve their lives including tutoring and mentoring in GED preparation and other life skills. That work speaks volumes about his true character and heart for service.”
The judge attributed the sentencing to the “enormous” losses victims endured and duration of the fraud.
