Home / Crime and Justice / Kelce's Millions Vanish in Ponzi Scheme
Kelce's Millions Vanish in Ponzi Scheme
16 Sep
Summary
- Siddharth Jawahar sentenced to 11 years for wire fraud.
- Kelce was named as a victim of Swiftarc Capital's scheme.
- Fraudster misused $35 million for personal gain.
Siddharth Jawahar has been sentenced to 11 years in prison for orchestrating a wire fraud scheme through his investment company, Swiftarc Capital LLC. Prosecutors revealed that NFL star Travis Kelce was among the victims of this Ponzi scheme, which began in 2015. Jawahar raised $35 million from investors by promising a diverse portfolio but instead invested only $10 million into a single, declining asset.
The remainder of the funds, approximately $25 million, was allegedly used to support Jawahar's extravagant lifestyle, including private jets and exclusive clubs. To sustain the scheme, Jawahar used money from new investors to pay off earlier ones. The exact timing and amount of Travis Kelce's investment and subsequent losses are not publicly known, but his involvement was confirmed by the prosecution.
Meanwhile, Travis Kelce appears to have substantial liquid assets, as evidenced by a recent $26 million donation to charities across New York, Missouri, and Tennessee with Taylor Swift ahead of their wedding. His financial activities also include permits for an event at Madison Square Garden and ongoing income from his NFL career and endorsements, such as a recent Tommy Hilfiger ad.
