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American football player Travis Kelce, partner of pop star Taylor Swift, was part of a group of investors swindled by a financial advisor who has just been sentenced to prison.
On Tuesday, a Missouri state judge sentenced Siddharth Jawahar to 11 years in prison and ordered him to pay $31.35 million in restitution for a Ponzi scheme scam, reported the U.S. Attorney's Office for the Eastern District of Missouri.
In court, prosecutors mentioned Kelce's name as one of the victims of this scheme without providing details of his investment, according to St. Louis television station KMOV.
Jawahar, 38, was a co-founder and managing partner of Texas-based Swiftarc Capital, whose investors included Kelce.
Judge Zachary M. Bluestone cited the duration of the fraud, dating back to 2016, the "enormous" losses, and Jawahar's failure to begin reimbursing victims as key factors in the sentencing.
Almost all funds were consolidated into a single investment, Philip Morris Pakistan (PMP).
When the value of PMP fell, Jawahar maintained to investors that it was profitable and falsely claimed their money had been invested in specific operations that he did not actually execute.
The court noted that Jawahar took more than $35 million from Swiftarc but only invested about $10 million between July 2016 and December 2023.
A portion of the capital was spent on private jets, hotels, and luxury apartments in Texas and New York, clothing, dining, and private club memberships.
In January, Jawahar pleaded guilty to three counts of wire fraud.
According to court documents, Jawahar is an Indian citizen and had been in the United States illegally since 2005.
[Publicidad]