Chiefs star Travis Kelce is named among victims of $35m Ponzi scheme
Summary
Kansas City Chiefs tight end Travis Kelce is one of the victims in a $35 million Ponzi scheme run by Siddharth Jawahar, who was sentenced to 11 years in prison. Jawahar used investors' money improperly, lied about profits, and paid back old investors with new investors' money.Key Facts
- Siddharth Jawahar ran Swiftarc Capital LLC, a Texas-based investment firm that started taking money from investors in 2015.
- Jawahar pleaded guilty to three counts of wire fraud and was ordered to pay $31.35 million in restitution.
- Jawahar invested only about $10 million of over $35 million received, hiding losses from investors.
- Jawahar used the money for a lavish lifestyle, including private jets and luxury living.
- Travis Kelce was named as a victim but it is unclear how much or when he invested.
- Other athletes, including NBA players Gary Harris, Tim Hardaway Jr., and Mason Plumlee, were also connected to Jawahar’s investment funds.
- Kelce recently signed a contract extension with the Chiefs and his career earnings exceed $111 million.
- Kelce married singer Taylor Swift in July, who has a net worth of $2.1 billion.
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